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What is an Escheat?

escheat
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What is an Escheat?

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Simply put, an escheat is the succession of abandoned property to the State. It is commonly associated with properties that come from an estate of a person dying without a will and without any known heirs. However, this concept has been broadened to include the recovery of any property that results from the failure of a person legally entitled to that property to make a valid claim against the holder of the property within a prescribed period of time. Consequently, the terms escheat and unclaimed property are used interchangeably.

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An escheat is the succession of abandoned property to the State. It is commonly associated with properties that come from an estate of a person dying without a will and without any known heirs. However, this concept has been broadened to include the recovery of any property that results from the failure of a person legally entitled to that property to make a valid claim against the holder of the property within a prescribe period of time. Consequently, the terms escheat and unclaimed property are used interchangeably.

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