We always plan for our future and even in the event of our death, a will is always left behind to determine the division of the estate left behind. It is however very unfortunate when someone dies and their heirs never know whether a property was left behind. Lying inheritance is the actual name of the property left behind before the respective heirs come to claim them. In the event that they never come, that may result to a Michigan unclaimed property situation which can remain so for a very long time. The state can decide to auction or make another use for an estate of a deceased that was never claimed but only after the lapse of many years without it being claimed.
Impact of unclaimed property in the real estate industry
Normally any government would block access to an unclaimed property until a heir comes out and claims which is never the case in most times. Real estate can as such be slowed down by a great deal considering the property would be of no use to the society. It could have been sold or rented to people for its value to increase other than being a bother to the community. It is also a stumbling block for real estate business. You may be needed to look for a possible property heir before you seek their consent to purchase the property.
Different kinds of unclaimed estate
In most cases, the unclaimed properties include tangible things like buildings but that does not mean they can’t be intangible. Stocks, refunds, certificates of deposit, savings account, overpayments and even mineral royalty payments can be forms of intangible unclaimed property that may belong to an unknown heir.
The money that may be unclaimed in accounts and other forms could be reclaimed by the state and used for various issues but will always be repaid should the heir come forward to make a claim of the same. When looking for any property that you may be a heir to use the first and the last name to make your searches. Business names and the area postal codes can be useful in pinpointing the exact property you are to inherit.
Dormancy Period
As initially stated, a property can only be certified as unclaimed when it stays for a duration of time without anyone coming for it. This period is called the dormancy period and it is the instance when a bank could report an account that is not claimed and the state can later deem the estate to be abandoned hence reclaim it.
Through escheatment state laws, many companies are needed to turn over any unclaimed property to their respective governments general fund. This is necessary to record and document any property whose original owners may be deceased and no heirs to claim them. Searching for them become easier with every detail being recorded by the state for easier claiming when the rightful heir is found.
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This period is called the dormancy period and it is the instance when a bank could report an account that is not claimed and the state can later deem the estate to be abandoned hence reclaim it.