While most states hold unclaimed property in perpetuity for the benefit of the rightful owner or heirs, claimants have a limited amount of time to find unclaimed property in Idaho. Unclaimed property is considered abandoned and Idaho statutes allow that once the property is turned over to the state, it is considered forfeited if not claimed within a period of 10 years. For residents or heirs of residents this means they need to know how to find unclaimed property in Idaho before the statute of limitations expires.
Searching for unclaimed property
The Idaho State Treasurer’s Office provides an online database that may be searched by those who believe that the state holds property that is rightfully theirs. The property may include items such as stock certificates, bonds, dividend checks or other financial assets. There may also be physical assets such as those found in safe deposit boxes including jewelry, savings bonds or coin collections.
While the state makes every effort to provide accurate information in their database it is important to know that (a) mistakes happen and (b) information may be reported incorrectly by the original account holder. When searching the database it is important to remember these important features:
• Searches may be conducted with as little as the first three letters of the last name
• Property holders (or heirs) should search under aliases that may have been used including maiden names
• Town names do not have to be included in the search to provide results
Another important thing to remember is even if the search turns up a match on the name that was searched does not mean that the property belongs to that person. There are potentially several people who bear the same name. It is best to determine if the account owner is the same person by reviewing the original institutions name where the account was held.
Filing a claim
For property that is identified in the Idaho unclaimed property database, a claim form must be filed. When these forms are filed, the state requires some information to validate the identify of the claimant. Documents requested by the State of Idaho may include (but may not be limited to):
• Birth, marriage or divorce certificates
• Photo identification of the claimant
• W9 forms
• Proof of account ownership (statements, postmarked envelopes, etc.)
The State of Utah does not charge for filing a claim, the service is free. Obtaining the documents needed (such as certified death certificates, etc.) may incur a fee. There is no need for any past or previous resident or their heirs to hire someone to find abandoned property. It is however important that the filing occur before the 10 year statute of limitations on holding the property expires. Additional information may be obtained from the Idaho State Treasurer’s Office where you will find helpful information to help you find unclaimed property in Idaho.