Intestate Succession

A 92-year-old holocaust survivor named Roman Blum recently died leaving $40 million worth of riches.  That’s enough money to feed many of his future family members.  Unfortunately however, Blum died leaving no will.  To make matters worse, he didn’t even have any known heirs.

What will Happen to his $40 million?

According to a news source, “without a will and without any heirs, the state of New York will legally get his money because this is the state he resided in.” The state of New York is about to replenish their funds with A LOT of money!  Furthermore, “any long-lost heirs have three years to come forward and if none are found after the three years, New York gets a $40 million wind


Why Do you Need an Estate Plan?

When you pass away, your final wishes will be implemented through your estate plan.  An estate plan helps you manage your assets and guarantees that your estate will be distributed to those individuals you have identified in your estate-planning instrument.  An estate plan specifies how your wealth will be managed, distributed, and protected.  Aside from asset distribution benefits, you need an estate plan in the event of your incapacity because it will include directions to carry out your healthcare wishes.

More Information About Estate Planning:

Estate planning is the process of arranging for the disbursement of your assets.  Your estate plan includes your will, your trust, and other estate planning documents governing your assets.  An estate includes everything you own, from your home, to your employee benefits, to your business, and your life insurance.

For more information about estate planning, it would be beneficial to speak to an experienced estate-planning attorney.  He or she will effectively explain the best options for you based on your needs.

Click to find an estate-planning attorney in your area today!