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Escheat is a government\u2019s right on a property after a particular period of time that has been unclaimed for any reason.<\/p>
These rights can be granted by a court of law or given after a standard time period. Escheat rights may be granted to a state in a probate decision if there is a case of death with no will made or no heirs.<\/p>
In the United States, each state has its own code of laws governing escheat rights. Usually, properties that have been escheated could be reclaimed later.\u00a0<\/p>
Whereas some states may have a statute of limitations, which creates an expiry date beyond which property cannot be reclaimed any longer.<\/p>
The process of transferring assets to the state is escheatment. If no statute of limitations exists then escheat rights are often maintained on a revocable basis, where extension into perpetuity is allowed.\u00a0<\/p>
This implies that if a lawful heir or owner should turn up then the ownership of an estate or property assets could revert.<\/p>
Estate assets with no will are considered intestate in the case of death. For the final determination, all deaths and death wish usually go through a probate court.\u00a0<\/p>
Intestate deaths which involve researching heirs who may be given property assets also go through probate.\u00a0<\/p>
Heirs like spouses, siblings, aunts, uncles, nieces, nephews, cousins, other distant relatives are eligible for inheriting assets intestate.\u00a0<\/p>
A judge would grant escheat rights to the state if the probate court does not find any heirs for unclaimed assets in death.\u00a0<\/p>
When a will or trust is considered flawed and legal heirs to an estate cannot be readily identified then too an escheat may take place.\u00a0<\/p>
The identification of heirs in case of intestate deaths drops the need for escheatment. In case the legal heirs are deemed incompetent to manage the inheritance of property and no other rightful heirs can be identified then an escheatment can kick in.<\/p>
After escheat rights have been granted if a rightful heir comes forward, then the property can be given to such heirs as outlined by laws.\u00a0<\/p>
Laws widely differ from one state to another and may include a statute of limitations which may make asset rights unalterable.<\/p>
When the property has been unclaimed for a long period of time than U.S. states also have processes and procedures for granting escheat rights. Depending on the type of asset and the state the processes and procedures change.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t