Escheat refers to the right of a government to take ownership of estate assets or unclaimed property. It most commonly occurs when an individual dies with no will and no heirs. Escheat rights can also be granted when assets are unclaimed for a prolonged period of time.

What is the process of escheat?

Escheatment is the process through which unclaimed assets are turned over to the state. Every year, many bank accounts remain unclaimed and properties are left abandoned. After a period of time, the assets are turned over to the state. ... Escheatment laws can be general and vary by state.

What is an escheat date?

The escheatment process takes place when a US account becomes dormant for a period of time specified by state law, typically between three to five years. At that point, the 'personal property' is transferred to the appropriate State Comptroller's Office and usually liquidated.