Mellody Hobson: Locate and Reclaim Your Lost Money

If the unclaimed property is not in your name, you must prove that you are the legal guardian, representative owner or heir to recoup it. Keep in mind, the state merely acts as a custodian until the rightful owner (or the owner's heir) makes a claim to the assets.

In addition to resources offered by states, there are fee-based services that will search for assets on your behalf -- often charging a fee equivalent to half of all your recovered assets. However, the Illinois state treasurer's office points out that its Web site, and those of most states, is identical to that of any fee-based search company -- so it is not necessary to use these fee-based services.

The Feds:

When it comes to federal savings bonds, government-guaranteed mortgage insurance refunds and pensions, the federal government does not maintain the same type of unclaimed money repository that states do. As such, in order to find unclaimed money, you need to contact the individual government agency that you believe owes you money.

The IRS:

According to the Internal Revenue Service, more than $2 billion in unclaimed refunds are awaiting about 1.7 million people who failed to file a 2001 income tax return. However, in order to collect the money, a return must be filed with an IRS office no later than April 15, 2005. The IRS estimates that about half of those who could claim refunds would receive more than $484. Some individuals may have had taxes withheld from their wages, but had too little income to require filing a tax return. Others may not have had any tax withheld, but would be eligible for the refundable Earned Income Tax Credit.

In cases where a return was not filed, the law provides most taxpayers with a three-year window of opportunity for claiming a refund. If no return is filed to claim the refund within three years, the money becomes property of the U.S. Treasury. For 2001 returns, the window closes on April 15, 2005. The law requires that these returns be properly addressed, postmarked and mailed by that date. There is no penalty assessed by the IRS for filing a late return qualifying for a refund.