What is the Escheat of Unclaimed Property?
Like most states, California has laws that permit the state to claim - or “escheat” - unclaimed property that is deemed abandoned. This commonly occurs when a person passes away without estate planning documents, and no one claims the property as part of the estate. There are specific rules regarding how businesses must handle unclaimed property, when the state can deem the property to be abandoned, and how rightful property owners might reclaim their seized property. Identifying Unclaimed Property Businesses in California, including insurance companies, banks, and other property custodians, must file annual reports to the state regarding unclaimed property. These businesses must identify when certain property has remained dormant or untouched for a specified period of time in order to classify the property as unclaimed. Some common types of unclaimed property include: Saving…