Escheat Legal Meaning and Definition

Here is a simplified definition of the legal term Escheat.

Escheat (noun): A legal term derived from the Old French word 'eschete,' which means 'that which falls to one.' It refers to the process where unclaimed or forsaken property, including bank accounts, reverts or 'falls' to the state treasury when there are no heirs, descendants, or named beneficiaries to inherit the property after the death of the last known owner.