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What is a Scheat? Simply put, a Scheat is the succession of abandoned property to the State. It is commonly associated with properties that come from an estate of a person dying without a will and
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Escheat is the process of a state claiming ownership of unclaimed property.
Businesses and organizations holding unclaimed property are required to file an escheat.
To fill out an escheat, the holder of unclaimed property must gather all necessary information and report it to the state department responsible for handling unclaimed property.
The purpose of an escheat is to reunite unclaimed property with its rightful owner or, if the owner cannot be located, to transfer ownership to the state.
Information such as the owner's name, last known address, type of property, and date of last contact must be reported on an escheat.
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