Unclaimed property refers to financial assets that have been abandoned or forgotten by their rightful owner for a specific period of time—typically 1 to 5 years—without any activity or communication. After this dormancy period, the holder (such as a bank, employer, or insurance company) is legally required to turn the assets over to the appropriate state or government agency.
Once reported to the government, the property is held until the rightful owner (or heirs) comes forward to claim it. Most states maintain searchable public databases where individuals can check for unclaimed property in their name.