Episode 436: Texas Unclaimed Property

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If you have ever found yourself wishing you could find some extra money, Texas unclaimed property is somewhere you should start your search. Essentially, Texas unclaimed property is exactly what it sounds like – there is some kind of property in Texas that is unclaimed. Usually it’s in monetary form, and comes from things like insurance premium refunds, utility deposits that were never returned, leftover money in bank accounts, and even unpaid wages. The funds may be owed to you directly, or as a beneficiary of a decedent who never claimed the property in their lifetime.

It is not uncommon for Texas residents to have an item or two of unclaimed property in the system, and the process to claim it may be as simple as typing in your name and address.. Believe it or not, it is as easy as it sounds. It’s just a simple search, and it’s free. What have you got to lose?

How to Determine if You Have Unclaimed Property in Texas

For many Texans, this unclaimed property consists of money they did not even realize they were owed. For this reason, we recommend searching for your name as well as that of both living and deceased loved ones to see if they have anything in the system to be claimed.

Here are the steps you can take to access the website:

1. Go to https://www.claimittexas.gov. Take care to ensure you are looking at a site from Texas Comptroller as there are some deceitful sites that will try to collect your information and have you pay a third party. Please note that the real website does not require you to pay any fees.
2. Type your last name or business name along with your first name into the box titled Claiming Property. Then hit search.
3. If the search results show an available claim for the name searched, you can click on it and follow the prompts to find out the next steps.

If the search reveals a rather large amount that is available to be claimed, or the property belongs to a loved one who has passed away and you do not possess letters testamentary, it can be wise to enlist the help of a reputable attorney to ensure that you are indeed able to claim it with minimal issues.

 

A Case Study:  Finding Three Hundred Dollars

A woman recently found the website and ran her own name and those of her family members through its search engine. She was shocked to discover that her niece had an unclaimed check from an insurance company for more than $300. How could this happen?

As it turns out, the niece had moved before the insurance company sent the check and the check was never forwarded to her new address. In the end, the check landed in Texas unclaimed property.

The woman let her niece know about the unclaimed property immediately and shared the steps to follow,  and the niece was able to claim her $300 dollars.

 

What To Know When Searching for Property of Your Deceased Loved Ones

What if the claim is in the name of a deceased loved one? Texas unclaimed property searchers should also be aware of the necessary procedures to access those funds. In some instances, our attorneys have found as much as ten thousand dollars or more in Texas unclaimed property for deceased individuals. In this case, if you are a current executor and you have the letters of testamentary, then you can go onto this website and apply to get the money to put into the decedent’s estate.

However, if there was no will or it was never probated, you will require an attorney to assist you to access the unclaimed money. It can be done but typically requires an attorney’s legal expertise.

In other words, if it is within four years and you possess the letters testamentary, you are on the right track. If it is outside of the four years and you are missing those letters of testamentary, there will be extra steps that will likely involve the help of an attorney.

 

A Case Study: Trusts, Wills, and Texas Unclaimed Property

One client found Texas unclaimed property past the four-year period. The deceased’s will was never probated because that individual intended her assets to go straight into a trust and avoid the probate process altogether.

The deceased specifically included a preamble in their will about a trust they had previously set up so their beneficiaries did not have to go through probate. However, the deceased never dreamed they would have Texas unclaimed property that would require letters testamentary. When one of the beneficiaries found the property, they sought the help of an attorney who is doing a muniment of title to transfer it to the trust, as this was exactly what the deceased indicated she wanted done in her will.

 

If you have questions about Texas unclaimed property such as where to look for it, what to do if you find it, or how to proceed on behalf of the deceased, contact a reputable attorney today to ensure you are able to claim what is rightfully yours.

By Harold "Hap" May, P.C. on June 7, 2024   /   The Legal Play Podcast   /   Leave a comment