Unclaimed Property New Jersey: $1.7 Billion Waiting to Be Claimed

Unclaimed Property in New Jersey

Unclaimed property refers to assets that have been dormant for a certain period of time and whose owners cannot be located. These assets can include:

• Bank accounts
• Stocks and bonds
• Insurance policies
• Utility deposits
• Tax refunds

In New Jersey, the Division of Unclaimed Property holds over $1.7 billion in unclaimed assets belonging to over 1.3 million residents.

Why Property Becomes Unclaimed

Property becomes unclaimed for various reasons, such as:

• Changes of address
• Misspellings or incomplete addresses
• Deceased beneficiaries without heirs

How to Find Unclaimed Property

Residents can search for their unclaimed property through the Division of Unclaimed Property's website: https://www.nj.gov/treasury/unclaimedproperty.

The search requires the following information:

• First and last name
• Last known address

Claiming Unclaimed Property

To claim unclaimed property, individuals must:

• Complete a claim form
• Provide supporting documentation (e.g., ID card, bank statement)

Common Mistakes to Avoid

• Ignoring unclaimed property notices: The Division of Unclaimed Property may send multiple notices over several years. Ignore these notices at your peril.
• Assuming your property is worthless: Even small amounts of unclaimed property can add up over time.
• Filing incomplete claims: Provide all required information and supporting documentation to avoid delays.

Tips and Tricks

• Search multiple times: Try searching with different variations of your name and address.
• Ask for help: If you have difficulty finding or claiming your property, contact the Division of Unclaimed Property at 609-292-5100.
• Consider using a locator service: Companies can assist in finding and claiming unclaimed property for a fee.

Case Study

In 2021, a retired couple in New Jersey discovered they had over $50,000 in unclaimed property. They had forgotten about a savings account they had opened decades ago. The money helped them pay off their mortgage and put a down payment on a new car.

Conclusion

Unclaimed property is a significant source of unclaimed wealth for New Jersey residents. By searching for and claiming their unclaimed property, individuals can potentially recover lost assets and improve their financial well-being.

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