Unclaimed Property in New Jersey: A $1.8 Billion Opportunity

What is Unclaimed Property?

Unclaimed property refers to assets that have been inactive or unclaimed for an extended period. It can include funds, stocks, bonds, insurance policies, and other valuables. In New Jersey, the Division of Unclaimed Property (DUP) is responsible for safeguarding and administering unclaimed property valued at over $1.8 billion.

Types of Unclaimed Property in New Jersey

The types of unclaimed property in New Jersey include:

• Bank accounts
• Insurance policies
• Stocks and bonds
• Dividends and interest payments
• Utility deposits
• Gift certificates
• Estates

Who Owns Unclaimed Property?

Unclaimed property belongs to its rightful owners or their heirs. It can be claimed by individuals, businesses, or organizations. The owners may be unaware of the existence of the property or may have lost contact with the companies or individuals that hold it.

Searching for Unclaimed Property in New Jersey

There are several ways to search for unclaimed property in New Jersey:

• Visit the DUP website: https://www.nj.gov/treasury/unclaimedproperty/search-claims.shtml
• Call the DUP at: 1-800-643-7539
• Write to the DUP at: Division of Unclaimed Property, PO Box 2868, Trenton, NJ 08690

Claiming Unclaimed Property in New Jersey

To claim unclaimed property in New Jersey, you must provide proof of ownership. This may include:

• A driver's license or other government-issued ID
• A copy of a bank statement showing the unclaimed account
• A copy of an insurance policy or other document showing the unclaimed funds

Keeping Unclaimed Property Out of the DUP

There are steps you can take to prevent your property from becoming unclaimed:

• Update your contact information with banks, insurance companies, and other financial institutions
• Keep track of your financial statements and investments
• Notify companies when you move or change your name

Unclaimed Property as a Creative Asset

Unclaimed property can be a valuable resource for various applications, such as:

• Philanthropy: Unclaimed property can be donated to charitable organizations to support their missions.
• Reinvestment: Unclaimed property can be reinvested in the state's economy through infrastructure projects or job creation programs.
• Historical preservation: Unclaimed property can be used to preserve historical artifacts and buildings.
• Education: Unclaimed property can fund scholarships and educational programs for disadvantaged students.

Tables

Table 1: Value of Unclaimed Property in New Jersey

Table 2: Top 5 Categories of Unclaimed Property in New Jersey

Table 3: Number of Unclaimed Property Claims in New Jersey

Table 4: Amount of Unclaimed Property Returned in New Jersey