Escheat

/ɪsˈtʃit/ noun

Definition

The legal process by which property reverts to the state when someone dies without a will and has no legal heirs. It also applies to abandoned property like unclaimed bank accounts.

Etymology

From Old French 'escheoir' meaning 'to fall to' or 'to happen,' derived from Latin 'excadere.' In feudal times, land would 'fall back' to the lord when a tenant died without heirs, ensuring no land remained ownerless.

Kelly Says

Every year, billions of dollars in forgotten bank accounts, uncashed checks, and abandoned safe deposit boxes escheat to state governments, creating massive unclaimed property databases that anyone can search online!

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