Deadline Almost Here for Claiming Your Unclaimed Funds
If you live in Ohio or have ever had accounts with Ohio-based companies, you need to read this right now. Ohio just implemented a major change to its unclaimed funds law that could cost you money if you don't act quickly. For the first time in the state's history, there's now a deadline to claim your unclaimed funds: and for some people, that deadline is literally tomorrow (12/31/2025).
Let me break down what this means for you and your family, especially if you're dealing with estate administration or the probate process in Ohio.
What Changed? Ohio Now Has a 10-Year Time Limit
Here's the big news: Ohio now gives you only 10 years to claim unclaimed funds before the state keeps them permanently. This is a huge departure from the old system, where you could claim your money indefinitely.
Starting January 1, 2026, Ohio's new law creates a rolling 10-year deadline. Once that time is up, your unclaimed funds "escheat" to the state: legal speak for "the state takes your money" After that happens, you can't get your money back, period.
But here's the kicker: For unclaimed funds reported to the state before January 1, 2016, the deadline is December 31, 2025. That means if you're reading this on December 30, 2025, you literally have hours left to claim any pre-2016 unclaimed funds.
Why This Matters
As someone who helps families navigate the probate process in Ohio regularly, I can tell you this change affects estate administration in several important ways:
For Current Estates: If you're serving as an executor or administrator of an estate, you need to search for unclaimed funds belonging to the deceased person immediately. This should be part of your standard estate inventory process. Any unclaimed funds you discover become part of the estate and must be properly distributed to heirs.
For Future Planning: When we're working on estate planning documents, we now need to consider this 10-year rule. It's another reason why keeping thorough records of all financial accounts and regularly reviewing them is so important.
For Heirs: Good news here: Ohio recently made it easier for heirs to claim small amounts of unclaimed funds without going through formal probate proceedings.
How Much Money Are We Talking About?
Ohio currently holds approximately $1.7 billion in unclaimed funds. That's not a typo: billion with a "B." This includes forgotten bank accounts, uncashed paychecks, insurance payouts, utility deposits, and dozens of other sources.
Where Do These Funds Come From?
Understanding the sources helps you know where to look. Unclaimed funds in Ohio typically come from:
- Bank accounts that have been inactive for several years
- Uncashed checks from employers, insurance companies, or government agencies
- Utility deposits you never got back after moving
- Insurance payouts where the company couldn't locate beneficiaries
- Investment accounts or retirement plans from former employers
- Safe deposit box contents from inactive accounts
- Court deposits from legal settlements
Many of these situations arise during major life changes: job transitions, moves, deaths in the family: exactly when people are most likely to lose track of smaller financial accounts.
How to Search for Your Unclaimed Funds
Here's the practical part: Go to the Ohio Department of Commerce's unclaimed funds website and search their database. You can search by your name, previous names, business names, or the names of deceased family members.
The official search website is: https://unclaimedfunds.ohio.gov/
Search Tips:
- Try different variations of your name (maiden names, nicknames, etc.)
- Search for deceased family members
- Include middle initials and full middle names in separate searches
- Try former addresses if you've moved
- Search for any businesses you've owned
The database is updated regularly, and it's free to search. If you find something, you'll see basic information about the property and which company reported it to the state.
The Claims Process: What to Expect
If you find unclaimed funds in your name, here's what happens next:
1. Verify the Information: Make sure the listing actually belongs to you by checking the address and company information shown.
2. Gather Documentation: You'll typically need to prove your identity and your connection to the unclaimed property. This might include driver's licenses, Social Security cards, and documentation showing your previous address.
3. Submit Your Claim: You can file claims online for most properties. The state has made this process much more user-friendly in recent years.
4. Wait for Processing: Most claims are processed within 60-90 days, though complex cases might take longer.
For Inherited Claims: If you're claiming funds that belonged to a deceased family member, you'll need additional documentation like death certificates and proof of your relationship to the deceased.
Important Deadlines and Timeline
Let me be crystal clear about the timeline because this is where the urgency lies:
December 31, 2025 (TOMORROW!): Final deadline for claiming funds reported before January 1, 2016
January 1, 2026: New 10-year rule takes effect for all future reports
Rolling 10-Year Periods: For funds reported after January 1, 2016, you have 10 years from the date the property was reported to the state. This means if a company reported your unclaimed property to Ohio in March 2020, you have until March 2030 to claim it. After that, it's gone forever.
How This Affects the Ohio Probate Process
If you're currently going through probate administration in Ohio, searching for unclaimed funds should be part of your comprehensive asset inventory. Here's how it fits into the probate process:
During Asset Discovery: Along with searching for bank accounts, investments, and real estate, executors should search for unclaimed funds in the deceased person's name.
As Part of Estate Inventory: Any unclaimed funds discovered must be included in the formal inventory filed with the probate court.
Distribution to Heirs: Once claimed, these funds become part of the estate and are distributed according to the will or Ohio's intestacy laws.
What Happens to Unclaimed Funds After They Escheat?
Once the 10-year deadline passes, Ohio redirects these funds to support various state projects. Recent legislation has designated unclaimed funds for initiatives like sports stadium development and other state infrastructure projects. This means your forgotten bank account could end up funding public projects rather than your family's financial future: another compelling reason to search now.
Red Flags and Scams to Avoid
With increased awareness of unclaimed funds, scammers have unfortunately followed. Here are warning signs of unclaimed funds scams:
- Unsolicited contact claiming you have unclaimed funds
- Upfront fees required to claim your property
- Pressure tactics demanding immediate action
- Requests for Social Security numbers over the phone or email
REMEMBER: The official Ohio unclaimed funds search is free, and legitimate claims never require upfront payments.
Take Action Now
Given the deadline situation, here's what you should do immediately:
- Search the Ohio unclaimed funds database for yourself and deceased family members
- If you find anything from before 2016, file your claim today
- If you're handling an estate, make unclaimed funds searches part of your standard process
- Share this information with family members who might have unclaimed funds
The bottom line? Ohio's new unclaimed funds rule creates both urgency and opportunity. While the 10-year deadline might seem harsh, the simplified claims process makes it easier than ever to recover money that's rightfully yours. If you're dealing with estate administration or probate in Ohio and need help navigating these new rules, our probate administration team is here to help. We can assist with comprehensive asset searches, proper estate inventory procedures, and ensuring all unclaimed funds are properly claimed and distributed.
Don't let your money become a permanent donation to the state. Search today: your future self (and your family) will thank you.
