What is an escheat?

An escheat is a legal process where property is transferred from a person who has died without leaving a will or having any known heirs to the state of Alaska. This process is used when the owner of the property dies intestate—without making a will—and with no living heirs who can be identified. When the owner dies intestate, the property is then deemed to be “escheat” property, meaning the state of Alaska has the right to take possession of the property. The state of Alaska takes control of escheat property in order to protect it in the event that any living heirs can be located in the future. In the event that an heir is found, the state of Alaska will return the property to the rightful heir. The Alaska Department of Revenue oversees the escheat process. Escheat helps to protect the property and its value for the heirs, if any can be found. Escheat can also prevent property from ending up in the wrong hands, such as criminals. It is important to note that some property may not be subject to escheat, such as property held in a trust or life insurance policies with designated beneficiaries.

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What is an escheat?

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