The Latin term ‘bona vacantia’ literally means ‘vacant goods’. But what does that mean in terms of the law? It means that someone has died intestate (with no will) and there are no relatives to inherit their estate via the intestacy rules. It can also relate to assets that were owned by a company that has since been dissolved, or even the assets of a failed trust.
Anything that is listed as being bona vacantia will pass to the Crown, unless the estate is in Cornwall or Lancaster. If that is the case then they pass to either the Duchy of Cornwall or the Duchy of Lancaster. It is the Treasury Solicitor who deals with bona vacantia estates if they are passing to the Crown, but if they are going to one of the Duchies then it will be down to Farrer and Co Solicitors.
However, the estate does not pass to the Crown immediately. During the waiting period, heir hunters will try to determine whether there really is any relative alive who could inherit the estate, rather than the Crown. This is why heir hunting can often be a race against time, but it is important; once the estate has been handed over via the Treasury Solicitor, it is lost for good. All effort must be made to find any potential beneficiaries before this happens.