Imagine the good that $40 million could do. If you had this kind of money you would be able to do amazing things for your family.
Of course, there are people who don’t have any living family members. However, if someone has ever showed you any kindness, you could repay this person in an absolutely unbelievable manner. You could also do incredible things for charitable organizations or institutions that mean something to you.
Making sure any or all the above takes place requires the execution of an estate plan. If you had no family and you didn’t leave behind a last will the assets that were in your possession at the time of your death could be consumed by your state of residence via escheat rules.
This is a scenario that is in play right now in New York.
The case of Roman Blum is not the first intestacy case that the state of New York has ever encountered, but it certainly is the largest. Blum, a Holocaust survivor who died in January of 2012, left behind a fortune valued at around $40 million.
He died without a will, and nobody has come forward claiming to be a relative. Efforts by the state to locate a living relative or relatives have come up empty to this point.
Under the New York statutes if the money goes unclaimed for a period of three years the state assumes ownership of these funds.
This is what can happen to your resources if you have no family and you fail to execute a last will. Even if you aren’t a millionaire, you can probably find better uses for the money.