The Illinois State Treasurer, Michael Frerichs, is holding billions of dollars in unclaimed property belonging to individuals or their heirs who are unaware of, have forgotten about, or didn’t realize they inherited. This includes dormant financial assets such as
- checking and savings accounts
- uncashed wage and payroll checks
- uncashed stock dividend checks
- certificated shares of stock
- security deposit refunds
- utility deposits
- traveler’s checks
- mineral proceeds
- court deposits
- uncashed death benefit checks
- life insurance proceeds
When the account holders are unable to locate the original owners, the Treasurer’s office takes custody of these intangible financial assets, and it holds them in perpetuity until they are claimed by the owners or their heirs.
The Treasurer also receives the contents of inactive safe deposit boxes which it holds for five (5) years. If the owner or heirs have not made a claim within that time, the Treasurer may auction items such as jewelry, coins or stamps.
The good news is that there is a free, quick, and simple search tool that will tell you if any unclaimed property is being held under your name, or under the name of a loved one. You can search for your unclaimed property at this link: https://icash.illinoistreasurer.gov/app/claim-search If you find items under your name you can make an online claim directly to the Treasurer. Upon submission of the proper verification and identification, the Treasurer’s office will return the unclaimed property to its rightful owner(s) without a fee.
We have seen firsthand that the system works. Several of our clients or their estates have already made claims resulting in thousands of dollars’ worth of unclaimed property being returned to them.