Wealthy New York Developer Died Intestate

May 3, 2013

When you die without a will you are said to have died intestate. Under these circumstances the probate court must sort things out utilizing the laws of the state of Nevada.
If you are married and you have no children your spouse would inherit your property, and conversely if you had children but you weren't married your descendents would be your heirs according to intestacy rules. If you die with a spouse and children, the rules vary depending upon the number of children you have.  If you weren't married and didn't have any children your next closest relative would be in line for an inheritance.
The above is understandable, but what would happen if someone who did not have any family died intestate? A very interesting case is playing itself out in New York at the present time, and it answers the question.
In 2012 a multimillionaire former real estate developer named Roman Blum passed away at the age of 97. During his lifetime he had amassed a fortune that is valued at right around $40 million.
Though he had been advised to take action not long before he passed away Blum died without a will or a trust directing his preferences regarding the transfer of his financial assets.
Nobody has come forward claiming to be a relative, and the state has not been able to find anyone. Efforts to locate Blum's next of kin will continue, but there is a three-year rule in New York. Under their escheat rules the state will assume ownership of the assets left behind by Blum if no rightful heir can be identified within three years of his passing.

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