Escheatment is a legal process by which the state claims and becomes the owner of property or accounts that have been abandoned or unclaimed for a specified period of time. The process of escheatment can occur when a person dies without heirs or beneficiaries, or when a financial institution holds money or property that appears to be unclaimed due to a lack of activity on the account by way of deposits, withdrawals, or any other transactions for a lengthy time in a cash account. The state holds the account or property as a bookkeeping entry, and former account owners or their heirs can make claims in perpetuity. The escheatment process varies by state and asset type, but generally, between one and five years must pass before escheatment begins. After the escheatment process, the state has the right to the escheated property, and many times, the state sells the securities and uses the money toward state funds. However, some states have a time limit on when you can claim property after it has been escheated. If you had property that has been escheated, you can reclaim your property by applying to your state.