How Does Texas Handle Unclaimed Property
In accordance to state laws, unclaimed property in Texas is defined at any kind of property or financial asset that has either been abandoned by the proper owner or has not been considered active. Texas unclaimed property can be considered as such within as little as one years time of inactivity or abandonment.
Upon being stated as unclaimed, these financial assets will be turned over to the state. The Texas Comptroller of Public Accounts is the state’s office that is responsible for administering and overseeing unclaimed property in Texas. The current Texas Comptroller of Public Accounts for the state of Texas is Susan Combs.
There are certain types of property that can be considered to be Texas unclaimed property. Among these assets, unclaimed property in Texas can be bank accounts, trust funds, stocks, mutual funds, and insurance proceeds. Even though it may be commonly mistaken as such, real estate and land is currently not recognized to be unclaimed property in Texas.
Currently, there is about two billion dollars worth of unclaimed property in Texas. Typically speaking, the amounts that are returned to individuals in regards to Texas unclaimed property will usually be about one thousand dollars. However, in recent years, there was one particular case in which a person claimed and received over four million dollars.