Glossary of Terms
The name and address listed for the owner of the property at their last know address. This information will also include the type of property reported and the value.Address of Record The address reported with the property when remitted to the Unclaimed Property Division. This will not necessarily be your current address. Affidavit of Heirship Court documentation identifying the heir(s) to an Estate. Age Verification Documentation that establishes age, e.g. state issued identification. APV1 Each claim must be reviewed by at least two staff members (four if in excess of $10,000). This status indicates the first level of approval has been applied. APV2 Each claim must be reviewed by at least two staff members. This status indicates the second level of approval has been applied and if the claim is less than $10,000, a voucher will be issued. APV3 Any claim with a value of $10,000 will receive additional review and be approved after the 3rd level of approval has been applied. A voucher will than be issued.
CCertified Copy of a Will or other court document Copy of a will or other estate document that bears the certified stamp of the Court. Claim A signed form required by the State Treasurer's Office which begins the process of returning unclaimed property. Claim ID The multiple digit number given to each claim form submitted to the Unclaimed Property Division. Claimants may reference this number when following up on a claim. Closed Estate An estate which has been under the supervision of the court and for which a final report has been issued.
DDecedent A person who has died. Demutualization Process by which a Mutual organization or co-op changes legal form to a joint stock company. As part of this process, members of a Mutual usually receive a payout, in the form of shares in the successor company, a cash payment or a mixture of both. Property owners may find their stocks have gone through the demutualization process as they go through the claim process.
EExecutor The person(s) appointed by the courts to manage an estate.
FFEIN (Federal Employer Identification Number) Always required prior to the payment of corporate and non-profit claims. Final Distribution The final accounting of an Estate, certified by the court, showing the final distribution of the estate's assets.
GGeneral Inquiry A written letter or inquiry form asking for the Unclaimed Property Division to search for a specific property or conduct a general search for a specific individual or business.
HHeir The person(s) who has a right of inheritance to the property of another following the latter's death. Holder The business or organization that turned over the unclaimed property to the Unclaimed Property Division.
IIndemnification Form A signed form releasing the Illinois State Treasurer's office from any legal action in the event someone else comes forward at a later time to claim a piece of property. Often used when a property owner cannot prove the address as originally reported on the property.
JJoint Owner Multiple owners were reported as the owners of the asset.
LLetters of Office An Order, signed by a judge, authorizing a person(s) to administer the estate of another individual. Lien Payment Proof Documentation from an institution showing that all liens have been satisfied on safe deposit box contents remitted to the Unclaimed Property Division.
NNAUPA This stands for the National Association of Unclaimed Property Administrators, a national network of administrators, representing each state and its unclaimed property program. If you live outside of Illinois, you can go to the NAUPA website and choose the state you want to search. Name Change Proof Documentation, oftentimes a marriage license, verifying a change in ones legal name. Notarized Signature Certification the individual signing a document is entitled to sign for that name. Notaries are often found at county courthouses, banks or financial institutions. The State Treasurer's Office has several notaries available to assist claimants.
OOpen Estate An estate that has been filed with the courts but has not been settled. Owner The individual whose name is listed with the property.
PPOA - Power of Attorney A document in which one person appoints another to handle financial and/or health matters for that individual. Probate The legal process of settling the estate of a deceased person including resolving the claims and distributing assets; overseen by a court of law. Property The financial asset or safe deposit box contents being held by the Unclaimed Property Division. Property ID Number A multiple digit number assigned to each single property that is turned over to the state. Claimants will find their property ID numbers on the I-Cash website next to their name.
RRelease of Interest Form Used for joint ownership. One person signs interest in an unclaimed asset over to the other person listed on the property. Re-Review An ongoing claim held at the Unclaimed Property Office for which further documentation has been submitted.
SSEA (Small Estate Affidavit) A notarized document that an heir(s) completes, listing all heirs entitled to a portion of an estate and in what manner the funds should be distributed. Settlement The daily process in the State Treasurer's office which creates an electronic file of all claims approved for payment. This file is sent daily to the Illinois State Comptroller's office where vouchers are generated and mailed to claimant. Small Estate Affidavit (SEA) A notarized document that an heir(s) complete, listing all heirs entitled to a portion of an estate and in what manner the funds should be distributed. To obtain an SEA, click here if the deceased died before July 2, 2010 or here if the deceased died on/after July 2, 2010. SSN Social Security Number
TTestate Having left a will at death. Trust Documentation A complete copy of a trust document and any codicils explaining the terms, successor trustees and beneficiaries to the Trust. Oftentimes a FEIN number is required before processing payment on a claim involving a Trust.
UUGMA Uniform Gift to Minors Act (Under this Act, a minor means an individual who has not attained the age of 21 years). UTMA Uniform Transfer to Minors Act (Under this Act, a minor means an individual who has not attained the age of 21 years).
VVerification Letter Documentation to be sent to the Holder of a property which when completed will direct payment of assets held at the Unclaimed Property Division. Generally used when a claimant is unable to verify ownership. BACK TO TOP