Florida Unclaimed Property

The terms "unclaimed property" and "unclaimed funds" are used interchangeably here, as almost always "property" or "funds" refer to money. If you've been told you'll need probate to recover unclaimed property, it was either by Florida's Division of Unclaimed Funds, a county attorney, or more than likely, by a "recovery agent."

If you've been told "We've located funds held on your behalf..." then you've probably been contacted by a third party, commonly referred to as a "locator" or "recovery agent." Often you are not told where these funds are located, but that for a percentage of the recovery — typically 30–50% — the informant will offer to obtain the money for you. You may even have some idea that these funds are located in Florida, but not know precisely where.

In many cases, an abbreviated form of probate known as Summary Administration may be available to the estate. This type of probate typically lowers court costs and legal fees, and shortens the period of time required to complete the administration.

In Florida, when real property taxes go unpaid, counties are required by law to hold a public auction on June 1st, at which revenue is raised by offering tax lien certificates to bidders for the delinquent taxes. Tax lien certificates must be held a minimum of two years before they can be redeemed.

When a tax lien certificate is redeemed, the clerk does not pay the certificate holder directly. Instead, an auction known as a tax deed sale is held by the clerk of court's office. When this happens, for all intents and purposes, the ownership of the property passes to the highest bidder. (If no bid is offered, title passes to the original redeeming tax lien certificate holder, and there are no "overbid proceeds.")

The amount the winning bid exceeds the originally submitted tax lien certificate(s) and other costs may be — and often is — thousands of dollars in excess of the amount actually owed. This excess is called the "overbid" or "tax overbid proceeds."

Under Florida law (F.S. 197.582), overbid proceeds are paid first to satisfy any qualified claims or liens, and any funds remaining are held for claim by the previous property owner(s) or their heirs. Tax deed sale overbid proceeds are held by the county for a period of one (1) year. If these funds are not claimed within that time, they are forwarded to Florida's Division of Unclaimed Property (counties may take far longer to actually send these funds to the state).

If you are an heir and receive notice from the county that overbid proceeds are being held for claim by the estate, you may need a court order to claim the funds. The county will be able to tell you precisely what documentation you need. If probate is required and completed, the county attorney will review your claim and authorize release of the funds to you.

While more rare, there are instances where a person was awarded funds in a court case — either as a beneficiary or a plaintiff — and the court could not locate them or a representative of their estate. In these cases, the court holds the funds in what is known as the "Court Registry."

The process to locate these funds is the same as that used when searching for tax deed overbid proceeds — see the county-level search instructions above.

The National Association of Insurance Commissioners (NAIC) can assist consumers in locating life insurance policies and annuity contracts of a deceased family member or close relationship. Their Life Insurance Policy Locator is available at eapps.naic.org.

To search for unclaimed property held in states other than Florida, visit MissingMoney.com, a free multi-state search tool endorsed by the National Association of Unclaimed Property Administrators.

For unclaimed property that may be held by the federal government, visit the USA.gov Unclaimed Money page.