ITIN for Unclaimed Property
In the USA, when property goes unclaimed it is passed to the Department of the State Treasurer. In certain cases, if the property has been unclaimed for a long period, it can be sold, and the cash proceeds are held by the unclaimed property division of the Department of the State Treasurer.
The Treasurer of the unclaimed property division will try and publicise the unclaimed property in local newsletters and publications as well as the last known address for the individual concerned. Where no contact is made, the property remains with the State.
Where the claimant is a non resident of the USA, an ITIN for Unclaimed Property will need to be requested as any distributions may be reportable to the IRS where income has been generated. In normal circumstances, a payout will not occur until an ITIN has been received and various claim forms completed.
Just Breve have assisted many individuals with unclaimed property claims and can assist with obtaining an ITIN for any non resident individual.
Mini Case Study:
Massachusetts Unclaimed Property Division
$35,000 held in a bank account. Account - holder deceased (in 2014) and claim being made by Non Resident beneficiary
We successfully assisted a 78 year old male in 2019 (from the United Kingdom) with obtaining an ITIN to claim his late friends assets as he was the named beneficiary and signatory of the joint account.. He had much difficulty claiming the balance as he could not successfully obtain an ITIN. The problem was further complicated by the fact that he his passport gave all seven of his legal names (five forenames and a double (hyphenated) surname). Back when the account was open he only used the the 5th, 6th and 7th for practicable purposes but without a legal process. Banks back then allowed this to occur without formal process!
We successfully obtained the ITIN as well as proving he was the correct named beneficiary of the account.
Who we are? Just Breve are Certified Acceptance Agents in the United Kingdom.
We are a West London based certified acceptance agent with many years of experience in obtaining ITINs for non US individuals. Having processed hundreds of ITINs, all with a 100% success rate, we would be happy to answer any questions in relation to your individual case. Get in touch today.
Telephone: 0208 1444632