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KGM GROUP RECOVERY GUIDE

Unclaimed Property Recovery for Owners and Heirs

How unclaimed property recovery works in every state: where to run the free official search, what a claim requires from an owner or an heir, what the law lets a recovery firm charge, and when it is worth having KGM Group review a record for you. Service by phone, email and online.

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From KGM Group · Service by phone, email and online · Updated September 27, 2026

What unclaimed property is and how it reaches the state

Unclaimed property is a financial asset that an organization owes to someone it can no longer reach. A bank account goes dormant after a move, a final paycheck or refund check is never cashed, an insurance benefit is never collected, a utility deposit is forgotten, a brokerage account or dividend goes unclaimed after a death. After a waiting period set by state law, often a few years, the holder must report the asset and turn it over to the state, usually the treasurer, controller or comptroller of the state on the owner’s last known address.

The state does not keep the money for itself. It holds the property in custody, in most states indefinitely, until the owner or the owner’s heirs come forward and prove entitlement. That is why unclaimed property recovery is possible years or decades after the original account was lost, and why the search is worth repeating for every state you or your family members have lived in.

Two things follow from this. First, searching is free and claiming directly is free: the National Association of Unclaimed Property Administrators (NAUPA) states plainly that it is free to search if you use your official state government’s unclaimed property website, and states process direct claims without a service charge. Second, there is no single national database. Each state runs its own program, and federal agencies hold separate categories of money that never reach a state at all.

Money the state database will not show you

Several categories of unclaimed money are held by federal agencies or by local governments and never appear in a state search. USAGov’s unclaimed money guide lists the federal ones: back wages held by the Department of Labor, pension benefits through the Pension Benefit Guaranty Corporation, VA life insurance funds, FHA mortgage insurance refunds through HUD, undelivered IRS tax refunds, deposits from failed banks (FDIC) and credit unions (NCUA), matured savings bonds through TreasuryDirect, and unclaimed funds held by U.S. bankruptcy courts.

The other large category is county-held sale proceeds, which is KGM Group’s core work. When a property is sold at a tax-defaulted land sale for more than the taxes owed, the difference is tax sale excess proceeds, held by the county, not the state. When a lender’s trustee sale brings more than the loan balance, the difference is foreclosure surplus funds, held by the trustee or deposited with the court. Both have their own claim procedures and, unlike state unclaimed property, real filing deadlines after which the money can be permanently lost. Our foreclosure and tax sale comparison explains the differences.

What owners should have ready

A state claim is decided on documents, so it helps to know what the office will ask for before you start. Most owner claims need three things: proof of who you are, proof of your connection to the address or account on the record, and an explanation of any name difference.

  • Identity. A current government-issued photo ID and, for many states, your Social Security number, which the state uses to match the holder’s report.
  • Connection to the record. Something tying you to the reported address or account: an old utility bill, bank statement, lease, tax return, pay stub or piece of dated mail at that address. The older the property, the more useful old paperwork becomes.
  • Name changes. A marriage certificate, divorce decree or court order if the property is listed under a former name, and formation or dissolution records if it is listed under a business you owned.

For an initial KGM conversation you do not need to send any of this. Give us your name, the state or agency involved, and the property identifier or the reference from a KGM letter if you received one, and mention any former name or business name connected to the record. We will tell you what the state’s own claim instructions require before you send identification or financial records to anyone, including us.

Claiming property for a deceased owner

Finding a late parent’s, spouse’s or relative’s name in a state database is a starting point, not a claim. The state needs two chains of proof: that the deceased person is the owner on the record, and that you have the legal right to receive that person’s property. Which documents satisfy the second chain depends on how the estate was handled.

  • Estate probated. The personal representative claims with certified letters testamentary or letters of administration and a certified death certificate. If the estate has already closed, the state may accept the final order of distribution or ask the heirs to claim directly.
  • Trust. The trustee claims with a certified death certificate and the trust pages that name the trustee and the beneficiaries. When the trust document cannot be found, a certification of trust and other substitutes are sometimes accepted; ask before assuming the claim is dead.
  • No probate and no trust. Most states have a small-estate affidavit or an heirship declaration for estates below a dollar threshold, with proof of relationship such as birth and marriage certificates. Where several heirs are entitled, each may need to sign or to claim a share.

California’s filing instructions for heirs are a good model of what any state expects: a signed claim form, certified copies of the will or trust that establish entitlement, and additional affidavits when there is neither. Multiple heirs, previously distributed estates and estates in another state add steps. KGM is not a law firm and does not decide inheritance rights. When entitlement is disputed or legal authority is unclear, an attorney should be involved.

Claiming for a deceased relative? Our unclaimed property recovery service for heirs walks through the documents for each estate situation, the California, Nevada, Florida and Ohio heir rules, and how an heir engagement with KGM works.

Do you need a recovery firm, and what the law allows it to charge

You can claim unclaimed property yourself, for free, and for a simple owner claim in your own state you usually should. A recovery firm earns its fee in the harder cases: an heir who has to assemble estate records across two or three states, a business or organization whose old accounts sit under a former name, an owner who has been contacted about a record they cannot find in the public database because the state has not published it yet, or anyone who simply does not have the time to work a claim through the state’s document requests.

Because this is a business built on contacting people about money they did not know existed, states regulate it closely. The rules in KGM’s primary markets are a useful guide to what a legitimate agreement looks like anywhere:

  • California. Under Code of Civil Procedure section 1582, an agreement to recover property that has been reported to the State Controller is invalid if it is signed before the property is actually delivered to the Controller, or if it requires the owner to pay anything before the claim is approved and paid. After delivery, the agreement is valid only if it is in writing, discloses the nature and value of the property and where the owner can claim it directly, is signed after that disclosure, and the fee does not exceed 10 percent of the recovered property.
  • Nevada. Under NRS 120A.740, an agreement to locate or recover abandoned property is void if entered into during the period from when the property is presumed abandoned until 24 months after it is delivered to the state. After that, compensation is capped at 10 percent of the property’s value if the state received it within the past five years, and 20 percent if the state has held it five years or longer. The agreement must be in writing, describe the property and services, state when the property was delivered, and show the value before and after the fee.
  • Florida. Under Florida Statutes section 717.135, recovery agreements must use the department’s forms and disclose the amount claimed, the fee percentage, the dollar fee and the net amount the claimant will receive; total fees and costs may not exceed 30 percent of the claimed amount.

Whatever the state, the warning signs are the same: any request for money up front, any claim that the state will take your money if you do not act now, any refusal to tell you which agency holds the property, and any firm that presents itself as a government office. KGM Group is a private company, not a government agency. We charge no upfront fee, we work on a written contingency agreement that follows the rules of the state holding the property, and we will tell you where to claim directly if that is the better path for you.

Unclaimed property recovery in California

California holds unclaimed property through the State Controller’s Office. Search and claim at ClaimIt California, the Controller’s official site, or through the State Controller’s unclaimed property search. The Controller processes claims free of charge, there is no deadline to claim state-held property, and the same page states the rule for private help: an investigator, asset locator or heir finder you sign with may charge no more than 10 percent of the property’s value.

Two California details trip up owners and heirs. First, the Controller’s records are not public until the property has been published or held for a year, so a record a firm contacts you about may not yet appear in the public search; ask for the property ID and check it directly with the Controller. Second, California’s tax sale excess proceeds and foreclosure surplus funds are county and trustee matters under different statutes with short claim windows (one year from the recording of the tax deed for excess proceeds), and they never appear in the Controller’s database. If you received a notice about a property sale rather than a bank account or insurance policy, start with our California tax sale excess proceeds guide instead.

KGM Group is based in Huntington Beach and has handled California claims since 2018. For a state-held record we follow Section 1582: a written agreement only after the Controller has the property, full disclosure of what the record is and where you could claim it yourself, and a fee within the 10 percent limit.

Discuss a potential recovery with KGM

KGM’s asset recovery services cover state-held unclaimed property, county-held tax sale excess proceeds and foreclosure surplus funds, for owners, heirs, trustees and organizations. We locate the record, confirm the holding agency and its current requirements, assemble the claim package, and follow it through the agency’s review. If you received a letter from KGM, it identifies a specific record we believe may be yours; we will explain what it is and how to verify it at the official source before you decide anything.

Learn about Grant Moreland and KGM Group, read our case studies, or start with a text or call to 619-548-0973. No upfront recovery fee is charged; the written agreement governs the fee and scope of any engagement. Eligibility, fees, documentation and processing times depend on the holding agency’s rules and the specific claim, and no recovery is guaranteed.

Frequently asked questions

Do I have to hire someone to claim unclaimed property?

No. Every state lets owners and heirs search and claim directly, without a fee. A recovery firm is optional, and is most useful for heir claims, multi-state or business records, and claims that stall in the state’s document review.

Is it free to search for unclaimed property?

Yes, on the official state sites listed above and on MissingMoney.com. Be cautious with any search site that asks for payment or a subscription before showing you a record.

Is there a deadline to claim unclaimed property?

Most states hold unclaimed property in custody indefinitely, so an owner or heir can claim years later. County-held tax sale excess proceeds and foreclosure surplus funds are different: they have statutory claim windows, often about a year, after which the money can be lost.

Can I claim money listed in a deceased relative’s name?

Possibly. The state needs evidence of your entitlement or legal authority, not just the family relationship: letters of administration, trust documents, or a small-estate affidavit with proof of relationship, plus a certified death certificate. Follow the state’s deceased-owner instructions for your situation. Our guide for heirs covers each estate situation.

What can a recovery firm charge?

It depends on the state holding the property. California caps fees for state-held property at 10 percent and voids any agreement that asks for money up front. Nevada caps fees at 10 or 20 percent depending on how long the state has held the property and voids agreements signed within 24 months of delivery. Florida caps total fees and costs at 30 percent. Other states have their own limits and disclosure rules.

Why did KGM Group contact me?

Because a public or agency record shows funds that may belong to you or to someone you may be an heir of. The letter identifies the record so you can verify it with the holding agency yourself. Receiving a letter does not guarantee a payment; the agency reviews the supporting evidence and makes the decision.

What is the difference between unclaimed property and excess proceeds?

Unclaimed property is held by the state after a holder such as a bank or insurer loses contact with the owner. Excess proceeds and surplus funds are the leftover money from a tax sale or foreclosure sale, held by the county, a trustee or a court, with different statutes, different documents and real deadlines.

What if the name matches but the address does not?

Then the record may belong to someone else with the same name. States match on more than the name, and a claim for property that is not yours will be denied. Check the reported address and the reporting organization against your own history before filing.

A question is a good place to start.

Talk with Grant about a letter, a state record, or a potential claim.

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