No Will, No Heirs: What Happens to an Unclaimed Estate?
This week, there was news that a Chicago man died in 2016 and left behind $11 million—with no living spouse, children, siblings, or even a niece or nephew. He also did not have a will.
In cases like these, the state takes over. The money initially went to the Illinois State Treasurer’s office (which is currently holding more than $3.5 billion in unclaimed funds!) and a team of investigators spent years pulling records to build a family tree to uncover possible heirs.
Ultimately, the $11 million was split between 119 relatives, most of whom live overseas and had never heard of the deceased. After taxes, the average heir will get a check in the $60,000 range, the attorney administering the estate told Block Club Chicago. This is the largest return of unclaimed money in United States history.
Most unclaimed property doesn’t grab the attention of attorneys or research firms. Every state has a process in place for businesses to turn over unclaimed money or property after attempting to locate the owner. This money sits in a fund and there is no deadline or fee to claim it.
North Carolina, where Compass Coordinators is located, has $1.02 billion in their unclaimed property fund. South Carolina has more than $800 million.
Checking for unclaimed property is part of the services we provide after the loss of a loved one. It’s one of the many things that typically fall to families after a loved one dies, and something that is easily overlooked or put off.
Of course, it’s hard to imagine that the fate of this large estate is what anyone would actually want to happen to their money after they die! Simply taking the time to gather important documents, including getting a will, would have ensured that this man’s estate would go to causes or people who he cared about during his life. Ready to take those steps for your own estate? We can help with that, too.
We’re not attorneys, financial professionals, or mental health professionals, although we partner with these experts when needed. Everything on this website is intended for informational purposes only and should not be interpreted as financial or legal advice.
