Which statement best defines escheat?
Correct Answer
A) The reversion of property to the state when an owner dies intestate with no heirs
Escheat is the process by which property reverts to the state when an owner dies without a valid will and without heirs who can inherit the property. It is a transfer by operation of law rather than by the owner's choice.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The bundle of rights describes the rights associated with property ownership, allowing owners to use, control, enjoy, exclude others from, and dispose of the property.
Community property is a form of ownership recognized in certain states where property acquired during marriage is considered equally owned by both spouses, regardless of who earned the money or whose name is on the title.
Condominium ownership involves owning a unit of airspace within a multi-unit building plus an undivided interest in the common elements shared with other unit owners. Each unit is separately taxed and financed.
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- → Wisconsin adopted the Marital Property Act in 1986, creating a system similar to community property. Under this law, property acquired during marriage is generally considered:
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