If a person dies without a will (intestate)—and with no heirs (relatives or descendants)—ownership of the deceased person’s (decedent’s) property may be transferred to (or said to revert to) the state government (usually the state treasury) through the common law doctrine of escheat. In addition to enriching the state treasury (or the Lord in feudal England), escheat prevents property from remaining in limbo with no rightful owner.

A state’s common law is comprised of court opinions written by judges to resolve disputes and most states adopted the legal doctrine of escheat from the English common law (from England) soon after the founding of the United States and each state’s admission to the union. But in more recent years many state legislatures have defined the law of escheat in their state’s statutes—making it statutory law—which is also known as codifying the law, because it is then part of a code or statute.

The property subject to escheat laws is sometimes referred to or classified as unclaimed or abandoned property. Upon transfer to the government the unclaimed or abandoned property may be referred to as escheated property. And in some states there may be a period (a statute of limitations) in which heirs or rightful owners of the property may be able to reclaim escheated property.

Escheat laws vary from state to state and often depend on the nature of the asset involved (personal property, real property, bank account, brokerage account).

In New York, if a person dies intestate (without a will) and has no heirs, the property of the deceased may escheat, or revert, to the state. This is in accordance with the state's escheat laws, which have evolved from common law principles to statutory regulations. New York's Abandoned Property Law (APL) governs the process of escheatment. The law ensures that property without a rightful owner does not remain in limbo and is instead used for the benefit of the state. The Office of the New York State Comptroller is responsible for handling escheated property. There is a period during which potential heirs or rightful owners can claim the escheated property from the state. This period is defined by the statute of limitations applicable to such claims. The specific rules and procedures for claiming escheated property, as well as the types of property that may be subject to escheat, are detailed in the APL and related regulations.