escheat

Escheat is a legal process by which ownership of unclaimed or abandoned property reverts to the state or government when there are no legal claimants or heirs. This typically occurs when a person dies without a will (intestate) and without any known heirs, or when property remains unclaimed for a specified period. The state assumes ownership of the property to prevent it from remaining ownerless, and the process ensures that assets are not left in legal limbo.

Escheat can apply to various types of property, including real estate, bank accounts, and other financial assets. If rightful heirs or owners later come forward, they may be able to reclaim the property.