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 Jersey, if a person dies intestate (without a will) and has no identifiable heirs, the property of the deceased may escheat to the state, meaning it reverts to state ownership. This is in accordance with New Jersey's escheat laws, which have evolved from common law principles to statutory regulations. New Jersey statutes provide a framework for handling such properties, ensuring they do not remain ownerless. The state's Unclaimed Property Administration is responsible for managing escheated assets. There is a process in place for potential heirs or rightful owners to claim the property within a certain period, typically defined by a statute of limitations. The specific rules and procedures for escheat in New Jersey, including the nature of the assets and the time frame for claims, are detailed in the state's statutes, particularly under Title 46 of the New Jersey Statutes Annotated.