Escheatment is a legal process through which property or assets are transferred to the state when the rightful owner cannot be located or identified. This typically occurs when individuals die without leaving a will or any known heirs, or when financial accounts remain inactive or unclaimed for an extended period. Escheatment laws vary by jurisdiction, but generally, they aim to ensure that unclaimed property is safeguarded and properly accounted for by the state until a legitimate claimant comes forward. Once property is escheated to the state, procedures may exist for rightful owners or their heirs to reclaim the property through a claims process. Escheatment serves to prevent unclaimed property from being lost or abandoned and provides a mechanism for protecting the interests of missing or unknown property owners.
The process of turning over unclaimed or abandoned property to a state authority, such as if a person dies without a will.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 29th March, 2024.
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