With 2023 right around the corner, we wanted to call your attention to new changes to the unclaimed property laws in Washington and Maryland.
WA S 5531
Washington joins the RUUPA states (states that model their unclaimed property laws on the 2016 Revised Uniform Unclaimed Property Act), with WA S 5531, effective on January 1, 2023. Here is a summary of the key changes:
• While dormancy periods generally remain the same, it is important to review property types and trigger dates for escheatment, as those have changed for some property types. All holders should note that that Washington, like other RUUPA states, introduces new property types eligible for escheat, including health savings accounts and custodial accounts, and while a specific dormancy period for virtual currency is not included, the term is defined. Generally, the new provisions follow RUUPA, except Washington uses the current federal RMD age of 72 in the retirement provision.