Illinois Unclaimed Property: How can family members claim unclaimed property of a deceased relative?

Understanding Unclaimed Property in Illinois

In the State of Illinois, unclaimed property refers to assets or funds that have been left inactive or dormant for a period, whereby the rightful owner has not initiated any activity or contact with the holding institution. Over time, these assets are turned over to the Illinois State Treasurer’s Unclaimed Property Division, also known as 'I-Cash' program, which then takes on the responsibility of safeguarding the property until claimed by the rightful owner or heir.

Types of Unclaimed Property

Unclaimed property can include, but is not limited to, bank accounts, stocks, uncashed dividends, security deposits, and the contents of safe deposit boxes. It is important to note that real estate does not fall under unclaimed property in Illinois.

Claiming Property as a Family Member

When a family member passes away, their assets may become unclaimed property if left unattended. Claiming this property by surviving relatives involves a few critical steps:

Once all required documents are submitted and verified, the State Treasurer’s office will process the claim and distribute the property accordingly.

Historical Reference

The concept of unclaimed property is not new. For instance, during the late 19th century, with no electronic tracking or standardized banking regulations, it was common for assets to be forgotten or left unclaimed after death. The modern system of unclaimed property laws evolved as a means to protect these assets and provide a method for rightful owners or heirs to claim them.

Conclusion

Dealing with a relative’s estate can be challenging, but understanding how to navigate Illinois's unclaimed property system can alleviate some burdens. It is advisable for individuals to periodically check the I-Cash database for potential unclaimed assets and understand the claiming process should it become necessary.