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Can Outsourcing Unclaimed Property Recovery Benefit Your Company?

Outsource

Many companies holding dormant assets are concerned primarily with compliance when it comes to Unclaimed Property, while in all likelihood there could be a windfall of assets out there waiting for them. With time and resources low, why not reach out to an Unclaimed Property Recovery firm who will search high and low for your assets on a contingency fee basis?

Such a strategy has its benefits:  for one, there is nothing to lose. Firms such as Assetmine Global are paid only on success. That means there is no cost until funds are recovered, and even then, fees are reasonable and proportional in value to the size of the claim.

That’s not all.  What about allocation of resources? Taking valuable employee time away from usual activities to work on Unclaimed Property claims could not only be bad for business but also can result in claims taking far longer than they should as higher-priority tasks take precedence. Hiring professionals who specialize in tedious jobs such as searching, claiming and endless correspondence is usually a more cost-effective approach overall.

And finally, leveraging the expertise of professionals who are well versed and well connected in the world of unclaimed property can pay off big time. Unclaimed Property Recovery firms such as AssetMine Global actively compile and analyze millions of unclaimed property records from all over the world. They have developed proprietary technologies that can efficiently and comprehensively locate any asset that is out there for your company, and have the resources and knowledge expertise to navigate the claims process in a reasonable time frame.

Revised Uniform Unclaimed Property Act (RUUPA)

RUUPA

The unclaimed property laws of most US states are actually based on one or more versions of the Uniform Unclaimed Property Act championed by the Uniform Law Commission. Versions of the 1954 act have been revised in 1966, 1981, 1995 and most recently in 2016. The recently Revised Uniform Unclaimed Property Act (RUUPA) is the result of 4 years of collaborative efforts by ULC Committee Members and Industry professionals to establish improved legislations.

Over the next few years, it is expected that US states will review the recommendations contained in the 2016 revisions, and possibly adopt them into their legislation. To an extent, revisions may also affect how states’ existing laws are interpreted.

Read a summary of the 2016 revisions here.