What occurs to property if an individual dies without a will and no named heirs?

Prepare for the Metro Brokers Exam with flashcards and multiple choice questions. Each question is accompanied by hints and explanations. Get ready for your certification!

When an individual dies without a will and has no named heirs, the property is typically transferred to the state government. This process is governed by laws of intestate succession, which dictate that the state becomes the beneficiary of the deceased's assets. This ensures that the property does not remain unclaimed indefinitely and provides a clear protocol for handling the deceased's estate under such circumstances. Each state has its own statutes regarding this process, but the overarching principle is that the state will take ownership of the property when there are no heirs to inherit it. This prevents the estate from becoming a liability or remaining unresolved.

In contrast, while distant relatives or charitable organizations might be considered in specific contexts or under certain conditions, they do not automatically inherit in the absence of a will and named heirs. Hence, the option highlighting the state government as the recipient of property underscores the legal principle of escheatment.

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