We believe that a deposit account whose owner has died should be reported as unclaimed property two years from the date of the owner’s last indication of interest.

Generally, a deposit account is presumed abandoned under the Illinois Revised Uniform Unclaimed Property Act (Illinois RUUPA) if it is unclaimed by the owner “3 years after the date of the last indication of interest in the property by the apparent owner.” However, when the owner has died, their property is presumed abandoned “2 years from the date of the owner’s last indication of interest in the property.” For property with a deceased owner, the owner includes beneficiaries, estate executors, and anyone else with a legal, beneficial, or equitable interest in the property. As explained in the Illinois RUUPA’s administrative rules, activities by beneficiaries, estate executors, and other apparent owners may prevent the deposit account from being presumed abandoned if their actions related to the account qualify as indications of interest.

For resources related to our guidance, please see:

• Illinois RUUPA, 765 ILCS 1026/15-201 (“Subject to Section 15-210, the following property is presumed abandoned if it is unclaimed by the apparent owner during the period specified below: . . . (6) financial organization deposits as follows: (i) a demand deposit, 3 years after the date of the last indication of interest in the property by the apparent owner . . .”)

• Illinois RUUPA, 765 ILCS 1026/15-201 (“Notwithstanding anything to the contrary in this Section 15-201, and subject to Section 15-210, a deceased owner cannot indicate interest in his or her property. If the owner is deceased and the abandonment period for the owner’s property specified in this Section 15-201 is greater than 2 years, then the property, other than an amount owed by an insurance company on a life or endowment insurance policy or an annuity contract that has matured or terminated, shall instead be presumed abandoned 2 years from the date of the owner’s last indication of interest in the property.”)

• Illinois RUUPA, 765 ILCS 1026/15-102(21) (“‘Owner’, unless the context otherwise requires, means a person that has a legal, beneficial, or equitable interest in property subject to this Act or the person’s legal representative when acting on behalf of the owner. The term includes:

(A) a depositor, for a deposit;

(B) a beneficiary, for a trust other than a deposit in trust;

(C) a creditor, claimant, or payee, for other property; and

(D) the lawful bearer of a record that may be used to obtain money, a reward, or a thing of value.”)

• Illinois RUUPA Administrative Rules, 74 Ill. Adm. Code 760.290(a), Deceased Owner (“Subject to the owner interest provisions of Section 15-210 of the Act, a deceased owner cannot indicate interest in his or her property.

1) Apparent owner interest shall include the activity of beneficiaries and estate executors or other persons who have a legal or equitable right to ownership or custody of the property when the apparent owner as listed in the records of the holder is deceased.

2) Thus, while a deceased apparent owner can no longer indicate interest in their own property, the new owner or his/her agent(s) may indicate interest in the property and, thus, prevent abandonment.”)

• Illinois RUUPA Administrative Rules, 74 Ill. Adm. Code 760.300(e)(3), Apparent Owner Interest (“If an apparent owner is deceased, apparent owner interest shall include, but is not limited to, activity of beneficiaries and estate executors or other persons who have a legal or equitable right to ownership or custody of the property.”)