For how long will the state hold property in search of an heir?

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Prepare for the Nova Scotia Real Estate Exam. Study with flashcards and multiple-choice questions, each with hints and explanations. Get ready to succeed!

The state typically holds property for 20 years in search of an heir in situations where there are no identifiable beneficiaries to a deceased person's estate. This duration is established to ensure that sufficient time is given for heirs to come forward and claim their inheritance, as many heirs may not be immediately aware of their entitlements or may take time to establish their claim.

Holding property for a 20-year period aligns with laws concerning unclaimed property and escheatment processes, providing a fair timeframe for potential claimants to emerge while also ensuring that property is not indefinitely held outside of the public domain. After this time, if no heirs are found, the property may become the property of the state or the local government. This practice helps to manage the transfer of property in cases of intestacy (when a person dies without a will) and protects the interests of potential heirs by providing a reasonable timeframe for claims to be made.

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