Last fall, Michelle Bixler received a letter from the state of Pennsylvania saying it had a $35,000 check for her from an insurance company. She thought it was a scam.
It had been nearly nine years since an on-the-job injury had left her unable to work. The insurer that was processing her workers'-compensation claim had gone belly up, so she had assumed she'd never collect anything.
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Before her accident, Bixler had worked for a Philadelphia tour company driving a horse-drawn carriage. One day, her horse reared and took off. Bixler injured her back and underwent two surgeries. Afterward, her only source of income was meager disability pay, and she moved in with friends. She learned, as she puts it, "to stretch each nickel to a dollar."
In the meantime, the state picked up Bixler's claim and was searching for her. After calling the state to verify the authenticity of the letter, Bixler, 52, filled out the attached form, got it notarized and sent it back. She still can't quite believe her good fortune. "I must have a karma credit somewhere," she says.
According to the National Association of Unclaimed Property Administrators, $33 billion in unclaimed assets is sitting in state treasuries and other agencies just waiting to be claimed, and the figure is rising every year.
They may also include stock certificates, certificates of deposit, insurance benefits, pension payments and safe-deposit-box contents.
How does this happen?
How do assets get lost in the first place? For some people, like Bixler, it may simply be a matter of moving to a new address without alerting all the right financial institutions. Or if a bank or investment account lies dormant and the financial institution determines it can't find you -- after a set period that varies by state -- the institution is required to turn over the assets to the state.Be wary of offers to help you find hidden money. Some bounty hunters are legitimate, but it's not worth paying a finder's fee of as much as 50%, particularly if the amount you're looking for is small, to locate something you could track down on your own for free.
"You shouldn't be paying for this," says Shane Osborn, the treasurer of Nebraska and president of the unclaimed-property association. And if you get an offer to help you find assets for an upfront fee, it's probably a scam.
Where to start? Whether you're just curious or you suspect you or someone in your family has missing assets, there's a wealth of sites to launch your own treasure hunt. The best place to start is MissingMoney.com, which hosts searchable databases for nearly every state. If your state isn't listed, go to unclaimed-property association's Web site, where you'll find a link to all state treasuries.
To improve your chances of finding lost assets, use several variations to search for your name -- for example, last name, first initial and last name, and full name. If you have a commonly misspelled name, run the misspelled version through the database, too. An improper spelling may be the reason your assets were lost in the first place. If you've lived or worked in a number of different states, check each one.
You should also look up the names of deceased relatives. Perhaps your Aunt Shirley had a savings account or pension payout she forgot to mention in her will. If you find something, you'll need to fill out paperwork to claim it and provide government-issued identification to prove your identity. Once you've submitted the proper paperwork, you should receive your property within a few weeks.
Continued: Don't forget the IRS
