January 1, 2012
Find Unclaimed Property in Tennessee – Part 1 of 2
(Part 1 of 2)
Most people know Tennessee is famous for its country music and world famous barbecue, but the state is also home to a lesser-known treasure – unclaimed funds. In fact the Tennessee Treasury Dept. adds tens of millions of dollars in Tennessee Unclaimed Money to its rolls annually, and only a fraction of it is ever given back to the rightful owners. In turn, this heap of cash gets bigger and bigger annually.
The Tennessee Treasury Dept. %took in% approximately 40 million dollars in unclaimed funds in 2006 alone, and was only able to return $20 million to the actual owners. This means that another $20 million was thrown on top of the already swollen heap of money that remains unclaimed. This trend of giving back only a fraction of what the state gets every year is consistent across the country because of a lack of awareness about these assets. The fact is, most citizens are simply unaware of the tens of billions out there waiting to be discovered.
States do things like annually publishing names in local newspapers of the people who are owed property and setting up tables at county fairs to help awareness, but the word still just reaches a small fraction of the people. Even among those who are aware of the potential to track down these lost assets, very few have a clue where to begin their search. Many fall in to the trap of thinking that any old forgotten funds web site will do, while others don't understand that they need to search more than once. There are quite a number of issues that searchers just starting out deal with, but those are the most common.
(to be continued)
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