Add Initials Field Legal Illinois Abandoned Property Forms For Free

Payroll, savings accounts, checking accounts, checks, dividends, stocks, mutual funds, insurance benefits, refunds, utility deposits. In most situations 3 years is the dormancy period however refer to the Illinois Revised Unclaimed Property Act.

Each unclaimed property claim requires a minimum of a completed and signed claim form, a copy of photo identification and social security number. To determine the specific requirements of your claim, please review the email sent to you. The items required will be listed on the claim form attachment.

The Illinois Treasurer holds these lost funds until they are claimed by either the original owner, heirs, or legal representatives. The Illinois Treasurer is legally required to get the property to the rightful owners no matter how long it takes for them to come forward.

The general rule is that after a 3-year dormancy period the unclaimed property must be reported and remitted to the state. Some property types have different dormancy periods.

Generally, if the property in question has not had any activity within a certain period of time, e.g., three years for most properties, and the holder is unable to locate the property owner, it is considered abandoned and must be reported to the Unclaimed Property Division of the State Treasurer's Office.

Continuous possession: In Illinois, a squatter must be continuously residing on the property for 20 years before they can file an adverse possession claim. If the squatter continuously pays the property tax, then they may be able to make the claim in as little as seven years.

In Illinois, after three years of abandonment and reasonable attempts to contact the owner, you may have a legal basis to dispose of the property. Document all communication attempts, including records of your last contact, to demonstrate your diligence.

Once property is in the custody of the state and its unclaimed property program, the state will maintain custody of the property in perpetuity until the rightful owner or heirs come forward to claim.

Section 15-1507, any personal property remaining in or upon the abandoned residential property shall be deemed to have been abandoned by the owner of such personal property and may be disposed of or donated by the holder of the certificate of sale (or, if none, by the purchaser at the sale).