No Will Means NY State Could Inherit $40 M

A last will and testament is an important thing to complete before we die; unfortunately people don’t usually know exactly when that will happen. Some die young and unexpectedly, while others live long and fruitful lives and fall ill long before death. Creating and signing a will may not exactly be something anyone wants to deal with—young or old, sick or well—but it’s important to do if you want any control over how your fortune and/or assets are distributed after death.

One New York man is making headlines for passing away without signing a will—because his wealth is somewhere around $40 million. Roman Blum died in January of 2012 at the ripe age of 97. Blum lived through the Holocaust and went on to become a very successful real estate developer. Without a will, his fortune would normally be distributed to living heirs. The problem is, none have been found after a year’s worth of searching internationally.

Mason D. Corn, Blum’s friend and accountant had tried to get him to sign a will and do some estate planning after he became sick. Blum eventually agreed to do so, but passed away just a few weeks later—without signing any documents.

Each state’s laws are a little different when it comes to last wills and testaments or the lack thereof. In New York, the rule of escheat dictates that if no evidence of estate planning or if no living heirs are found within three years, then that money goes to New York State.

That’s good news for the state, since it’s already been more than a year. But it’s bad news for Blum if he wanted his money to go elsewhere. If there were people he cared about and wanted his fortune to go to, or a charity he wanted to benefit, then a signed will could have legally bound that money there. Or if perhaps there is somewhere Blum didn’t want his money to go, his will could have dictated that as well.

It is certainly possible that Blum wasn’t in a fit state to make decisions regarding his fortune toward the end and perhaps that is why the documents never got signed. Unfortunately, many people don’t think they need a will until it’s too late. We should be signing them when we are still well and healthy to avoid not having one at all. It is easy to change a will after it has been made; it is not so easy to come back and create one after death.