Background
A claim right is not the same as getting it back.
Escheatment does not steal your client’s property. It converts it into a claim — and for anything with sentimental or collector value, that is a total loss dressed up as a process.
Consultations with counsel are complimentary. We can meet at the facility or at your office.
What escheatment is
Every state runs an unclaimed property programme. When an asset sits dormant long enough and the holder cannot reach the owner, the asset is reported and surrendered to the state, which holds it in custody. In Florida this is administered by the Department of Financial Services.
For cash and securities the system works reasonably well. The state holds the value and pays a successful claimant. For tangible property it works very badly, because states do not warehouse jewelry and heirlooms indefinitely. Contents are commonly liquidated at auction, and a claimant who appears afterwards receives the money it fetched.
A grandmother’s ring sold at a state auction for four hundred dollars is, in the eyes of the process, fully resolved. To the family it is not.
The trap
Why the timeline catches this client
Dormancy periods are written for people who forgot about an account. They are not written for a person who is unable to act. A client whose absence runs several years passes through notice, dormancy, drilling, and reporting without ever having the opportunity to intervene — and often without the family knowing the box existed.The step-by-step sequence →
This page is general background, not legal advice, and not a statement of any specific statutory period. Confirm current requirements before advising a client.
Common questions
- What is escheatment?
- The process by which unclaimed property passes to state custody. It applies to dormant accounts, uncashed cheques, and the contents of abandoned safe deposit boxes.
- Who administers it in Florida?
- The Florida Department of Financial Services runs the state’s unclaimed property programme. Property is reported to it and held or liquidated.
- Is the property gone forever?
- The claim right generally survives. The item often does not — tangible property is commonly auctioned and the claimant receives proceeds.
- How do we avoid it entirely?
- Do not leave property in an arrangement that depends on an absent person to keep it alive. That is the whole of it.
See the vault before you decide.
Tours are private and by appointment. You will see the vault door, the man-trap entry, and the box sizes in person. No account relationship is required to visit.