Unclaimed property refers to assets that have been abandoned or forgotten by their owners. This can include items like bank accounts, insurance policies, stocks, and even physical belongings. When a property owner does not claim their assets for a certain period, usually several years, the state takes custody of these items to protect them until the rightful owner can be found. Each state in the U.S. has laws governing unclaimed property, and they often maintain databases where individuals can search for their lost assets. The process of reclaiming unclaimed property typically involves providing proof of ownership, which can include documents like identification or bank statements.