States and federal agencies are holding billions of dollars in unclaimed property and missing money. Last year alone, local governments collected $22.8 billion, of which less than $1 billion was refunded.

State unclaimed property statutes consider assets abandoned when contact with owners is lost - typically due to an unreported address change or the expiration of a postal forwarding order, name change after marriage or divorce, and incomplete or illegible records.

When owners or heirs fail to claim the money over a specified number of years known as the dormancy period, holders - including banks, brokers, employers and life insurance companies - transfer the funds to a government trust account in a legal process known as escheat.

Here this money awaits your claim, along with billions of unclaimed dollars held by government agencies themselves - including $13 billion in unredeemed savings bonds, $92 million in undelivered IRS tax refunds, and hundreds of billions of dollars in unclaimed benefit checks and unclaimed entitlements.

Note in addition to those that have neglected to claim assets to which they are directly entitled, millions of family members are unaware they’re entitled to collect unclaimed money owed deceased relatives who passed on without leaving an updated will.

It is important that you make a proactive effort to claim this money, as most holders of unclaimed funds make virtually no effort to locate lost owners and heirs. Claims are generally honored in perpetuity, but there are time limits on some types of assets, so prompt action is advised.