Kentucky’s treasurer has around $880M in unclaimed property. Some of it could be yours
Kentucky’s state treasurer manages almost $1 billion worth of unclaimed property, and in 2024, the office set a new record by returning about $32 million to people who filed claims with the agency.
In Fayette County, as of January, the agency was holding $42 million in unclaimed assets.
Recently, we spoke with Dillon DiOrio, who directs the Unclaimed Property Division within the Kentucky Treasurer’s Office, to help us break down how the claim process works. If you want to get the process started, or just like to fantasize about a wealthy long-lost relative changing your life forever, here’s what to know.
What is unclaimed property?
The first idea that might come to mind is a country manor or a beautiful piece of farm land. However, unclaimed property does not include real estate, nor does it include stolen property or state and federal tax refunds.
As explained by DiOrio, Kentucky defines “unclaimed property” as financial assets or belongings that have been left inactive, typically for a dormancy period of three to five years. It can include many types of assets. Most of the time, however, it includes bank accounts, uncashed checks, insurance policies or refunds, utility deposits, stocks and bonds.
As of January, the division held approximately $880 million in unclaimed assets, a significant increase from where the fund stood in 2022. The amount encompasses not just money but property that has cash value. Think of a valuable watch or a coin collection, for example.
Clay Skaggs, director of communications for the Kentucky Treasurer’s Office, wrote in an emailed statement, “The increase in the Unclaimed Property fund reflects Treasurer [Mark] Metcalf’s enhanced efforts to educate Holders—businesses and organizations required by Kentucky law to surrender unclaimed assets to the State Treasury for safekeeping—about their reporting obligations. Greater awareness of unclaimed property laws has led to increased compliance, resulting in more claims being submitted to our office.”
The office has also taken some steps to streamline the claims process, Skaggs added.
“To make the process faster and more efficient, Treasurer Metcalf has implemented procedures to expedite certain claims, significantly reducing processing times. He has also launched an aggressive outreach campaign to raise awareness about unclaimed property, including expanded engagement with traditional media, targeted social media efforts and direct outreach through community visits across the Commonwealth—ensuring more Kentuckians know about their unclaimed funds,” Skaggs wrote in a statement to the Herald-Leader.
According to DiOrio, it’s hard to pin down exactly how much property is returned to the average person or claim. The amount can range widely, anywhere from a few cents to millions of dollars, he said.
In 2024, DiOrio recalled the division returned about $2 million to one individual, for example.
How does the process for reclaiming property work?
The easiest way is to start by visiting either Kentucky Treasurer’s website or the national website, which is missingmoney.com. That website is the official unclaimed property website for the National Association of State Treasurers.
Through either of those websites, you’ll be asked to provide your first and last name, or perhaps a business name, along with a location to help narrow the search. You’ll be provided with a list of everyone who has that name. You can find your name by looking for where you currently live or have lived. Each listing also has an approximate dollar amount attached to it, such as “over $100” or “less than $10.”
Users can then add the property to a cart; it works much like an online shopping experience. You’ll next be prompted to provide your contact information so that the claim can be formalized and turned over to the Kentucky Treasurer or relevant state treasurer’s office. That’s when the real work begins, DiOrio explained.
“We still have to do our job to look and see if this property actually belongs to you,” he said. “You can imagine, if someone’s name is John Smith or Jeffrey Johnson, there could be millions of people with that name, even in Kentucky.”
Once you officially file the claim, expect to see a form sent to your email inbox requesting more information, including a copy of your Social Security card and state ID or driver’s license, DiOrio said.
The division conducts an extensive background review to verify that you are who you say you are. If everything checks out after multiple rounds of vetting, the state “basically cuts you a check, and that gets sent to you,” DiOrio said.
How long does it take to complete the process?
It can vary, though if the claim is simple enough and the value is $500,000 or less, a payment could be issued within a week or two, DiOrio said. If the claim is for more than that amount, such as a case involving someone who died but did not have a will, that could take several months.
More complicated claims may require more vetting, and if there’s a conflict between claimants, state lawyers may need to get involved to offer guidance or settle disputes.
There isn’t a general time limit for claiming property, and it is held by the treasurer’s office indefinitely. Some property has been held for more than 30 years, DiOrio said.
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