Do I Have Unclaimed Money in Wisconsin?

Unclaimed property represents financial assets that have been dormant or forgotten by their owners for an extended period. In Wisconsin, the Department of Revenue (DOR) acts as the custodian for these funds, holding them indefinitely until the rightful owners come forward. The state’s unclaimed property law, enacted in 1970, aims to centralize these funds, providing a single point for residents to search for their missing assets.

Searching for Unclaimed Property in Wisconsin

Discovering if you have unclaimed property in Wisconsin begins with a search on the Wisconsin Department of Revenue’s official unclaimed property website. This online portal offers a free and accessible way for the public to check for potential assets. You can initiate a search by entering your full name, but it is beneficial to also consider common misspellings, maiden names, or any previous addresses to broaden the search. If you are searching for a business, inputting the business name is also an option.

The search results may display various types of unclaimed property. These commonly include forgotten checking and savings accounts, uncashed dividend or payroll checks, utility deposits that were never returned, insurance proceeds, and even the contents of safe deposit boxes. A successful search result does not immediately grant access to the funds but indicates that the DOR is holding property potentially belonging to you. This finding then prompts the next step of formally claiming the identified property.

Claiming Your Unclaimed Property

Once you have identified potential unclaimed property through the online search, the next step involves initiating a claim to recover your assets. The Wisconsin DOR website provides an online claim form, which is typically the most direct method to begin this process.

To validate your claim and prove ownership, you will need to provide specific documentation. This generally includes a government-issued photo identification, proof of your current address, and your Social Security number. In situations where you are claiming property on behalf of a deceased relative, additional documents such as the death certificate and proof of your relationship to the deceased (e.g., court documents for guardianship or an affidavit of heirship if there is no will) are required. These documents can typically be uploaded directly through the online claim submission portal, emailed, or mailed to the DOR. After submission, the DOR reviews the claim.

Preventing Future Unclaimed Property

Taking proactive steps can help ensure your financial assets do not become unclaimed property in the future. Regularly updating your contact information, including addresses, phone numbers, and email addresses, with all financial institutions, utility providers, and other entities holding your funds is important. Promptly cashing all checks, such as payroll, refund, or dividend checks, prevents them from becoming stale and eventually escheating to the state.

Reviewing account statements regularly for all your financial accounts helps you stay aware of account activity and balances. Consider consolidating dormant accounts or those with small balances to simplify management. Informing a trusted family member or beneficiary about the types and locations of your financial assets can also ensure that your property is not forgotten if you become unable to manage your affairs.