Michiganders may have funds waiting. Due to the recent impact on money caused by the pandemic, including rising gas and food costs as well as the cost of living, economic aid may be needed for state residents. Especially in affected urban areas like Detroit, the extra money can change the game. The state treasury may be a response to the discovery of unclaimed money and assets entrusted to the state of Michigan.

The Michigan Treasury Department holds millions of dollars in undisclosed checks, stock certificates, forgotten bank accounts, safe deposit box contents and many other unclaimed financial assets for state residents. A certain period of rest, unclaimed assets or money should not have any activity in the account for one year for wages, payroll and commissions, as well as government departments. Most other properties require a dormancy period of three years. In Wayne County alone, more than $ 100,000 in unclaimed funds await its rightful owners.

“By the number of properties ($ 50 and up) transferred to the state between January 1, 2020 and today, essentially the last two years, for owners with Wayne County we currently hold 114,558 properties on totaling $ 125,469,000. “- said Terry Stanton, state administrative head of the unclaimed property of the Ministry of Finance of Michigan.

2021 was one of the most financially devastating years in Michigan since the early to mid-2000s. As the pandemic affected job security and economic stability, Michigan residents had to look for ways to make ends meet. The Michigan Treasury Department was able to come to the aid of several Michigan residents who rewarded more than $ 100 million a year. Because many are unaware of their unclaimed funds, which sometimes leave deceased family members, the Treasury is also holding informational events to alert close relatives.

“Michigan Unclaimed Property also conducts extensive information activities throughout the year to warn potential owners that they may have property with us. In fiscal 2021, we paid more than $ 18.4 million to owners / heirs as a result of our coverage alone, ”Stanton said.

The funds and assets remain in the Michigan Treasury for an infinite amount of time until they are claimed by their rightful owner. Potential recipients will have access to funds no matter how long they lie dormant.

“Property that is in our care can be claimed forever. They do not pass; there is no application deadline; and / or the statute of limitations for property claims, ”Stanton said. “If property remains unclaimed, it remains in our care forever. To be clear, we do not have a repository or account with all the properties. Michigan Unclaimed Property maintains a balance on our account to be able to pay expected claims for next year. Other funds are transferred to the general state fund at the end of the financial year. ”

For michiganders, additional financial assistance may be paramount. While many families continue to play catch-up for the bills raised during the pandemic, claiming funds could mean the difference between financial stability or economic downturn.

“Our average claim amount in fiscal year 2021 was approximately $ 2,600, so in many cases, receiving these funds is very good news for Michigan families. We hear from applicants who tell us that the payment helped offset the property tax or mortgage payments and unexpected expenses, ”Stanton said.

To claim funds, the department offers a website where potential recipients can search, whether they have a family member or a business entity for unclaimed assets.

“Our website has a search engine where individuals, business representatives and other stakeholders can check to see if they, relatives, friends or their business have property that is in state custody,” Stanton said. “A person can complete a search, file a claim electronically, and upload documents and verify information directly and securely to our website. In the 2021 fiscal year, more than 100,000 claims have been made through our site. ”

Having paid a total of more than $ 116 million for fiscal year 2021, the Michigan Treasury Department hopes to unite residents with money that can help provide much-needed respiratory zone. Relatives may also claim funds on behalf of the deceased family member.

“There are many circumstances that affect when an individual claims a deceased relative, etc. There are also many things we need to consider when determining who can claim funds on behalf of a deceased person. Such items or issues include, but are not limited to, the amount in dollars that is in the custody of unclaimed Michigan real estate; whether the estate was previously bequeathed or not; whether the estate is open or closed and what was the relationship between the applicant or the heir and the deceased, ”Stanton said.

The amount planned to be held in Wayne County could be much higher, as figures show only the last two years. Those who suspect that funds or assets may be owned by the state are encouraged to contact the Unclaimed Property Department of the Ministry of Finance.

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