I came across an article about a Holocaust Survivor who left his estate, that was worth almost $40 million, to no one. Yes, I said almost $40 million left to no one (insert loud gasp here!)
So, what happened to this millionaire’s estate? The state of New York is the proud owner of those millions. As I have mentioned in the past, if there is no will or trust dictating where your assets should go, the state determines where those assets will be distributed.
In this case, Mr. Blum left no instructions as he had no will or trust. He left it up to the state to determine where his millions should go. Because the state could not find any heirs, even after doing a world wide search, and the estate is unclaimed, his millions will go to the State of New York.
Mr. Blum was not a dumb man. He was smart and according to his accountant he knew how to name beneficiaries and knew what had to be done.
Although escheating to the state is incredibly rare because the laws of intestacy look for any living relative including cousins and their descendants and any one who falls under the nebulous term “next of kin,” it does happen.
The moral of this story? PLAN!
You may not own millions but you also want to ensure that whatever assets you do own are distributed in a way you want them to be.
If you want assistance in creating an estate plan specific to your needs, contact our Redwood City estate planning attorney at 650-503-3770. At the Law Office of Carmen M. Rosas, we ensure that every plan is unique to our clients and their families.