Government agencies, courts, banks, brokers, insurance companies and others are holding tens of billions of dollars in unclaimed funds. Last year alone, states collected $22.8 billion in missing money and unclaimed property, of which less than $1 billion was claimed by owners or heirs.

Cash, assets and property are considered unclaimed in the eyes of the law when contact with the owner is lost - typically after death, a name change due to marriage or divorce, an unreported change of address or expired postal forwarding order, and incomplete or illegible records.

When owners fail to claim missing money over a specified number of years known as the dormancy period, those left holding the cash: banks, stock brokers, utilities, employers, life insurance companies and others - transfer custody to a government trust account under a legal doctrine known as escheat.

Here this unclaimed money awaits your claim, along with billions in unclaimed funds held by courts and government agencies themselves, including IRS income tax refunds - $73 million, US savings bonds - $13 billion, Social Security Administration benefit checks - $478 million, HUD mortgage refunds - $500 million, PBGC pension benefits - $80 million and FDIC dormant bank accounts - $200 million.

It's important to note family members often are unaware they’re entitled to collect unclaimed cash and benefits owed deceased relatives, who passed on without leaving an updated will or complete financial records. Billions of dollars in life insurance policy benefits go unclaimed every year, for example, because it is up to heirs to notify the insurance company when a policyholder dies, and they make virtually no effort to find lost beneficiaries.