California unclaimed property must i report properties dating to 2000

In California, for example, outstanding wages that have not been claimed because the employee in question disappeared or moved out of state with the wrong forwarding address, but has not died, are turned over to the state after a dormancy period of one year. The exact timing depends on the asset or property in question and the state in question.

What happens to all of that property? And how did it get there in the first place? The answer lies in the escheatment process, or the process by which abandoned or unclaimed property is transferred to the state.Įverything of value has a “ dormancy period” on it of some kind, which kicks into effect when there has been no activity on that property for some time. This number includes everything from unclaimed refunds and last paychecks to entire homes, investment properties, and abandoned parcels. Here is a shocking number: there is over $49 billion in the unclaimed property sitting around in the United States today.