State government of Nevada transferred unclaimed property worth $25 million to its rightful owners this fiscal. Under the state law of Nevada, companies and holders are not required to report unclaimed property if it is for less than $50. Either the owner or the legal heir of the owner may claim the unclaimed property proceeds.
All the claims filed for should be notarized. If the claimant cannot manage the notarization he or she may seek an appointment with the state government’s officials who will notarize the claim form and supported documents. If someone is claiming for a deceased it is recommended to go through the UP23 Deceased owner fact sheet available on the website of state’s treasury.
While filing for the claim, supported documents like driver’s license or social security copy might suffice. However, if the claim is for more than $500, W-9 will be accepted. For a detailed fact list on the required documents the state’s online resource must be explored for up to date and crisp information. Claim processing may take up to 90 days from the receipt of the claim. A lot of time is invested by the state in compliance and regulatory work.
At times heir finders might get in touch with potential claimants to help them in recovery of unclaimed assets. However, it should be noted that state does not deal directly with any such agency. They deal with the owner or their legal heirs. The commission fee of such heir finders must not cross more than 10% of the recovery amount in state of Nevada.
In order to provide one unified view of unclaimed property proceeds to the citizens state government has partnered with nationwide service providers. NAUPA and Missingmoney.com are the great and free resources available for a potential claimant to determine if state government of Nevada or any other state owes him or her.