(Part 1 of 2)

It is not a secret that the Rocky Mountains run straight through Wyoming, but there's an even more interesting mountain, of more immediate interest to the less half of a million residents of the Equality State – a mountain of cash! Currently, the State Treasurer's Office holds over 26 million dollars in Wyoming unclaimed money, and waiting for the actual owners to come forward and take what is theirs'.

The State Treasury web site names the following as the most common types of assets that can become "unclaimed": credit balances, uncashed insurance claim payments, moneys distributable from trusts, stocks, safe deposit box contents, traveler's checks, money orders, deposits, savings accounts, customer overpayments, refunds, endowments, insurance policies, checking accounts, annuities, uncashed dividends. Each of those types of unclaimed funds has a unique dormancy period, which is the number of years that must pass before they are determined to be abandoned and law requires that they be handed over to the state. These dormancy periods differ greatly, but are usually 5 years in Wyoming.

Although Wyoming has returned millions of dollars to the true owners, most of it remains unclaimed, and the main reasons boil down to a lack of education about these assets. The good news is, Wyoming is a custodial state, which means they will hold these monies forever, and will never take possession of them. There is no expiration date on lost cash.

As residents the state with the smallest population, people living in Wyoming have great chances of locating missing money in their name. But the majority of people are unaware that other states may be holding funds belonging to them. You don't even need to have been to another state for another state to be holding your assets. Many corporations have locations and/or offices in numerous states, but obviously they can only be headquartered in one place. Because of this, employees sometimes lose track of money and never realize it even if they search, because the cash is being held by the state where their employer is headquartered. Similarly, insurance companies may service different states, but they can only maintain one headquarters. Things like insurance overpayments will be turned over to the proper department in the state where the insurance company is incorporated, not necessarily the state where the insured person lives. These are just a couple of examples of why it's very important that people search outside of the state they live in.

(to be continued)

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