Become an Unclaimed Property Investigator-Earn 6 Figures/Year

There iare  $Billions of dollars in unclaimed property waiting to be reunited with its owners  in California. You can become an investigator for the State Controllers’ Office and help yourself while helping others reclaim their lost money.

These unclaimed funds belong to more than 32 million individuals, businesses and organizations throughout California.  Finding the heirs to unclaimed property is a business that can be run on a full-or part-time basis.

The startup costs are low since there is no need for inventory or specialized tools.  You will need to invest in some online databases like Ancestry.com, Geni or truthfinders.com  But each of these databases offer free trials.  You will need to be organized and dilligent in your efforts.  . If you’re interested in becoming an asset locator, heir finderor unclaimed property locator with the State of California there are several things you can do to ensure the success of your venture.

  • Register With the State Controller’s Office
  • Keep Good Records
  • Insure that you have a signed contract
  • Use credible search engines

California has the most comprehensive Unclaimed Property Program.  The Unclaimed Property Program in California was enacted to reunite lost and abandoned private property with the rightful owner or heirs. Each year California provides their investigators with a database of unclaimed property.  This database is an important tool for finding and locating individuals and businesses with their property.  This database also provides an income opportunity for individuals who desire to earn money from home. You can become an Investigator for the state of California by going to this website. https://www.sco.ca.gov/index.html

The other side of this opportunity is to become an Investigator for the banks, financial institutions and businesses who by law have to attempt to find the owners of abandoned property prior to turning it over to the state.

“California’s Unclaimed Property Law requires banks, insurance companies, corporations, and certain other entities to report and submit their customers’ property to the State Controller’s Office when there has been no activity for a period of time (generally three years). Common types of unclaimed property are bank accounts, stocks, bonds, uncashed checks, insurance benefits, wages, and safe deposit box contents.”

The institutions listed above need help tracking down the owners of property.  It is apparent that these institutions do not have the expertise to find the owners of abandoned property. In fact, if the owner of the property is deceased and there is no executor, the property is considered abandoned after 3 years of inactivity.

Some recent cases:

  • Bank of America has a deposit of $5 million dollars /the owner is listed as unknown.
  • CHARLES SCHWAB & CO. INC could not find the famous magician David Copperfield
  • LINCOLN NATIONAL LIFE INSURANCE COMPANY was unable to find the beneficiaries of a $973,000 Life Insurance Policy of a LT GEN LARRY RHODES MD TRUST ; RHODES LT GEN LARRY MDlt General.

These properties that have not been claimed by the heirs represents an opportunity for you, the investigator, to trace the genealogy and reunite the property with the rightful heirs of this property and earn 10% of the proceeds.  There are individuals who do not believe that heir finders should profit from their work.  However, these individuals are those who get paid hundreds of dollars an hour for their efforts.

“Investigators’ (sometimes referred to as Asset Locators or Heir Finders) are individuals or companies that offer to file claims for unclaimed property for the apparent owner or their heirs. It is against the law for Investigators to charge a fee greater than 10% of the value of the property that is returned to the rightful owner.” (California Code of Civil Procedure Section 1582)

If money is sitting in the State’s vault for 3 years or more you perform a service for yourself, the state and the heir when you put forth the effort to reunite heirs with the money their loved ones intended for them.  After performing some searches online using search engines and find I have other resources I cam able to locate the decendants, family members of a deceased relative.

I send a letter to the heir explaining who I am and alert them that there is unclaimed money in their name.  I include my contract and a self-addressed envelope with my address so they can send me back the contract.

I then compile all the information that the State Controller’s Office needs to complete the claim process.  The State Controller’s Office will send the owners of the property a check and also send a check directly to the address that I haveprovided to them in my application.

One of the problems with finding lost heirs is that neither the State of California and the holders of the abandoned property are only required by law to make attempts to contact owner.  These institutions do not research whether the owner is deceased.  So, in most cases a notification for the abandoned property is sent to the last known address of the owner but no follow up to determine the heirs.  As a result of this process, the property is reported to the State Controller’s Office as unclaimed property..

“Holders are required to send a notice to the owner’s last known address informing the owner that the account will be transferred to the State Controller’s Office for safekeeping if the owner does not contact them and let them know what they want done with their property”

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