January 11, 2012
Find Unclaimed Assets in VA – Part 2 of 2
(Part 2 of 2)
People who live in VA should also search the records of other states where there might be a chance they are due a claim, for the same reasons that people who don't live in VA should search the state's database.
There are a number of different stumbling blocks that often prevent people from locating their abandoned assets, but they mostly boil down to the searcher being uninformed about the best way to search. Most people not only get in their own way by checking the records in only one state, usually the one they live in, but they also tend to search once and end never search again.
As was mentioned earlier, each type of VA unclaimed money, and unclaimed money in each of the other 49 states, have their own individual "dormancy periods" (number of years that must pass before the funds are handed over to the state to hold the rightful owner claims them). In addition to many property types having long dormancy periods, states do not update their searchable records in real time, which means if the state is holding your funds, you may not find a record when searching, if they have not added it to their system.
If a person searches their name on Monday, but the VA Dept. of Unclaimed Funds didn't get around to adding the record of their funds until Tuesday, or the following week or month, the search might return a false negative.
These are just a few of the hurdles that often stand in the way of people attempting to locate VA unclaimed money for the first time, which is why it's imperative that you find an expert in this field to help you through the process to find all potential claims.
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