LANSING, Mich. — Sen. Jim Stamas is encouraging residents to use a state website to see if any of the millions of dollars in lost or forgotten assets are theirs to be claimed.
“Although more than $400 million worth of unclaimed property has been returned to Michigan residents over the last five years, the state still has tens of millions of dollars’ worth of assets waiting to be returned to its rightful owners,” said Stamas, R-Midland. “Thankfully, the state has a website that makes it easy for people to search the unclaimed property database and submit a claim if they find anything belonging to them.”
Because the assets were considered abandoned and unclaimed by the bank or company entrusted with them, they were turned over to the state, as required by law. The state then acts as the custodian of the assets and returns them to their owners or the owners’ heirs.
Residents can visit www.michigan.gov/unclaimedproperty to search and claim assets that belong to them. All properties listed are worth $50 or more.
Collected items are held for a maximum of three years, after which they are auctioned. Residents who discover their property after it has been auctioned will still receive the cash value for what was made at auction.