Unclaimed Property in Nevada

Know the rules regarding unclaimed property in Nevada
By J. Simonetta The amount and variety of unclaimed property in Nevada and other states is larger than one would think. Sometimes it happens when people move and forget to reclaim their utility deposits or over-payments; other times, people may die and leave some money squirreled away in separate checking or savings accounts. Laws regarding unclaimed property in NV also mean that business owners have legal obligations if they come into possession of unclaimed property.
 

The list of abandoned property types in NV includes, but is not limited to, stocks, checking/savings accounts, death benefits, vendor checks, over-payments, certificates of deposit, paid-in-full life insurance, uncashed checks, unpaid wages, money orders, credit balances, refunds, dividends, commissions, insurance payments, gift certificates and customer deposits.

1. Know the laws regarding Nevada unclaimed property and how they affect you as a business owner.

2. Search state of Nevada unclaimed property to see if you have forgotten some assets.

3. Know what to do if a relative dies without a will, leaving unclaimed property in Nevada.

Know your obligations regarding Nevada state unclaimed property

As a business owner, you're typically required to report and remit unclaimed property in Nevada. Most property is considered abandoned after three years, wages after one year. If someone forgets to pick up a deposit or a check, make sure you know what your legal obligations are.
Try: For particular information on reporting requirements see Nevada's Unclaimed Property Division Holder Reporting Requirements. If you have a particular issue, you can read the details regarding Nevada abandoned property law.

Search Nevada unclaimed property to ensure that your business hasn't left some assets behind

It may be a longshot, but why not perform a Nevada unclaimed property search to make sure your business doesn't have some assets floating around out there somewhere? This makes even more sense if your business has been around for a long time or it has a long string of former owners. You might be pleasantly surprised to find that one of the former owners neglected to retrieve some NV unclaimed property or even some unclaimed land in Nevada that still belongs to your business.
Try: Search for abandoned property in Nevada using the Unclaimed Property Division's Unclaimed Property Search. If you come up with something, download the Claims Instruction Sheet.

Take action to prevent escheatment in Nevada

Reclaiming your abandoned property, or returning someone else's, sounds like a straightforward situation, but real life is often messier. When someone disappears or dies intestate and without another person available as heir, their property passes to the state; this process is called escheatment. If you think you or your business have a claim on property that is going to escheatment in Nevada, there are things you can do. If you think you have a legitimate claim to Nevada unclaimed property but the holder disagrees, contact a lawyer. Similarly, if someone is making a claim that you're holding their unclaimed property in Nevada, but you disagree, contact a lawyer.
Try: Find out how to petition Nevada for escheated property at the Nevada Revised Statutes site. Claim property at the Nevada Unclaimed Property Division of the Office of the State Treasurer.

• If you're an heir to a departed relative, search the unclaimed property in every state where they resided, including NV unclaimed property, to see if there's any forgotten assets.