ESCHEAT

Reversion of property title or estate to the state if the owner dies without a will and legal inheritors. It ensures the property has always a recognized owner, either the state or government if no other claimants exist. Most jurisdictions have their own laws and regulations, as well the circumstances in which it can be invoked. Usually done on a revocable basis, it signifies the estate or property owner would revert to a rightful heir in case he or she turns up.