Final answer:
The government's right when an owner dies with no heirs and no will is called escheatment. State intestacy laws govern the reversion of assets to the state. Inheritance taxes are a separate but related topic debated for its impact on familial asset transfer.
Step-by-step explanation:
When an individual dies without a will and has no heirs, the government may claim the estate through a process known as escheatment. Escheatment outlines the government's right to inherit property if no living will, trust, or heirs can be located. The specifics of escheatment can vary from state to state since each one has its own intestacy laws that determine the hierarchy of heirs and how assets are distributed in the absence of a will. However, the base principle is consistent: if no heirs are found, the deceased's assets typically revert to the state. This legal process prevents property from being ownerless and ensures that any of the decedent's debts or taxes owed to the state can be settled.
Debate surrounding inheritance taxes is common, often relating to the fairness of taxing assets that individuals wish to leave to their descendants. Critics argue that such taxes can feel punitive especially for those who wish to pass on family businesses or homes without additional burden. Proponents, however, may view these taxes as a means to address wealth inequality and prevent the perpetuation of wealth solely through inheritance.