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 Iowa, if a person dies intestate (without a will) and has no identifiable heirs, the property of the deceased may escheat to the state. This means that the state can claim ownership of the property to prevent it from being ownerless. Iowa's approach to escheat is codified in state statutes, which means it is part of the state's statutory law rather than relying solely on common law principles. The Iowa Code outlines the process for escheat and the handling of unclaimed or abandoned property. There is also a provision for potential heirs or rightful owners to reclaim escheated property within a certain period, as defined by the state's statute of limitations. The specific rules and procedures for escheat in Iowa, including the time frame for reclamation and the types of property subject to escheat, can be found in the relevant sections of the Iowa Code. Individuals concerned about the escheat of property in Iowa should consult with an attorney to understand the specific implications and their rights regarding escheated property.