Escheatment is the legal process by which unclaimed or abandoned property reverts to the state or government. This typically occurs when an individual passes away without a will or heirs, or when a financial account remains inactive for a specified period. The purpose of escheatment is to ensure that unclaimed assets are managed and can eventually benefit the public. When property is escheated, it may include various types of assets, such as bank accounts, stocks, or real estate. Each state has its own laws and timeframes governing escheatment, often requiring businesses to report unclaimed property to the state treasury. This process helps maintain order in property ownership and protects the rights of rightful owners.