Do you, or loved ones, have unclaimed property in the State of Colorado?
Any Colorado resident that has lost track of a bank account, stocks, bonds, abandoned safety deposit boxes or a retirement account; misplaced a rebate check, paycheck from a business; or even your Colorado State tax rebate; the bank, business or State agency is required by law to file a report and forward those assets to the Unclaimed Property office of the Colorado State Treasurer. These assets are held by the State treasurer for a period of 21 years, during which any interest produced is paid to the State Treasurers general fund. After 21 year the assets are then turned over to the Colorado Public Schools Fund.
How can you find and make a claim on your property before it is gone?
The Colorado State Treasurer’s website (https://www.colorado.gov/treasury/) provides a link to a program by the name of “The Great Colorado Payback”, this program is responsible for updating and administering all unclaimed property held by the State. This site allows you to search for and make a claim on property you have a right to, as an individual, a fiduciary, or heir. The site also provides information for holders of funds, which include instructions on how to report and turn over property to the Treasurer.
Why and When should I check for unclaimed property in the State of Colorado?
A common event that may trigger an asset search is during the administration of a loved one’s estate. During an estate administration the fiduciary is tasked with collecting and distributing assets, which in many situations includes “finding” assets. The Treasurer provides a specific list of requirements for heirs, executors, personal representatives, and trustees to follow in making and collecting on behalf of a decedent. Making a claim on unclaimed property can be a confusing and intimidating process. As with any other actions taken by a fiduciary, it should be addressed with a high level of understanding. If you have any questions regarding unclaimed property in an eState or eState administration questions in general please contact our office for assistance.
What else do I need to know about unclaimed property in the State of Colorado?
As with any website we encourage you to take caution before you click, especially in a fiduciary role where you have a fiduciary duty to all beneficiaries for all your actions. There are multiple fraudulent websites that are trying to take advantage of people attempting to make claims on unclaimed property. www.cashunclaimed.com, www.coloradounclaimedmoney.com, www.unclaimedmoney.net, and www.showmemymoney.net are just a few of the fraudulent sites that come up when you google “Colorado Unclaimed Property”. Be care, be informed, and be smart about making a claim and receiving your unclaimed property.