What typically happens to property when it escheats?

When property escheats, it means that the property reverts to the state when there are no legal claimants, such as heirs or beneficiaries, to inherit it. This typically occurs when a person passes away without a will and without any identifiable heirs. In such cases, the state steps in to claim ownership of the property to ensure that it does not remain abandoned and can be used for public benefit. This process underscores the principle that property should not remain ownerless, as it allows the state to manage and possibly utilize the properties in question. This concept is critical in understanding property rights and the state's role in real estate ownership transfers in New Jersey and across the U.S.