UTMA Account: A Comprehensive Guide to Florida's Unclaimed Property Database

Introduction

Unclaimed property refers to assets or funds that have remained inactive for a certain period of time and whose owner cannot be located. In Florida, the Unclaimed Property Administrator (UPA) maintains a database called the UTMA Account, which holds these unclaimed assets. This article will provide a comprehensive guide to the UTMA Account, including instructions on how to search for and claim your unclaimed property.

What is the UTMA Account?

The UTMA Account is a database that contains a record of all unclaimed property in Florida. This includes:

• Money from bank accounts, stocks, and bonds
• Uncashed checks
• Life insurance proceeds
• Mineral royalties
• Real estate
• Other valuable personal property

Why is the UTMA Account Important?

The UTMA Account is important because it provides a way for people to find and claim their unclaimed property. Every year, millions of dollars in unclaimed property go unclaimed, simply because people do not know that it exists. By searching the UTMA Account, you can find out if you have any unclaimed property and claim it for yourself.

How to Search the UTMA Account

Searching the UTMA Account is easy. Simply visit the UPA's website and enter your name and last known address. The UPA will search the database and return a list of any unclaimed property that matches your search criteria.

If you find unclaimed property that belongs to you, you can file a claim to retrieve it. The UPA will need to verify your identity and your claim before releasing the property to you.

What are the Benefits of Claiming Unclaimed Property?

There are many benefits to claiming unclaimed property. For example, you can:

• Get back money that you didn't know you had
• Avoid paying fees to the UPA for holding your property
• Use the property to pay debts or save for the future

Conclusion

The UTMA Account is a valuable resource for anyone who wants to find and claim their unclaimed property. By searching the database, you can find out if you have any unclaimed property and claim it for yourself.

FAQs

How much unclaimed property is there in Florida?

As of June 30, 2022, there was over $1 billion in unclaimed property in Florida.

What is the most common type of unclaimed property?

The most common type of unclaimed property is money from bank accounts.

How long does the UPA hold unclaimed property?

The UPA holds unclaimed property indefinitely. However, the UPA may sell or dispose of property if it has been held for more than five years and no one has claimed it.

What happens to unclaimed property that is sold or disposed of?

The proceeds from the sale or disposal of unclaimed property are deposited into the Florida School Trust Fund, which supports public education in Florida.

How can I avoid having my property become unclaimed?

You can avoid having your property become unclaimed by keeping your contact information up to date with your financial institutions and other businesses. You should also review your accounts regularly to make sure that there is no unclaimed property.