First, how does property become “unclaimed”? Generally, if the property in question has not had any activity within a certain period of time, e.g., three years for most properties, and the holder is unable to locate the property owner, it is considered abandoned and must be reported to the Unclaimed Property Division of the State Treasurer's Office.

To prevent your accounts from becoming unclaimed or abandoned, keep accounts active and make sure that you make a deposit or withdrawal, update your contact information, or contact your financial institution at least every three years.

The easiest way is to find out if you have any unclaimed property is to search the online database at https://southdakota.fi ndyourunclaimedproperty. com/ .

There is no deadline. You can make a claim anytime since unclaimed property is kept in a custodial capacity until the rightful owner or heir has successfully claimed the property.

And, there are no fees for inquiring about property or for filing a claim.

With over 20 years of experience in public accounting, Amanda Bechen CPA owns Bechen & Company PC located in Wagner, SD, and can be contacted at 605-384-4200 or www.bechenco. com.