Escheat is a legal process by which property, typically real estate or financial assets, is transferred to the state when the owner dies without leaving a valid will or any known heirs. The state becomes the legal owner of the property and is responsible for managing it or selling it for its own benefit. Escheat laws vary by state and may also apply to unclaimed property or assets that have been abandoned by their owners. Related: * [[Intestate]] * [[Testate]]