We came across an interesting article on the Forbes website recently that underscores the importance of estate planning. You definitely don’t want to die intestate, especially if you are in possession of considerable resources.
Intestacy is the condition of dying without having executed a last will or any other type of estate planning document that directs the transfer of your financial assets. Each state has its own specific rules of intestacy succession. In Oklahoma your spouse and your children are first in line.
Back in January of last year, a very wealthy former New York real estate developer named Roman Blum passed away at the age of 97. According to reports the overall value of his estate hovered in the vicinity of $40 million.
You would think that someone who was in possession of this much money would understand the need to put an estate plan in place. However, for unknown reasons this individual apparently passed away without having executed any estate planning documents.
No one has come forward claiming to be a relative of Blum, and the state of New York has conducted a widespread search to try to find his next of kin. So far they haven’t been able to find anyone.
What is going to happen to this money if no one materializes? Under escheat rules, the state of New York will wind up absorbing these funds if no relative can be found.
Mr. Blum could have supported a worthy cause by leaving his estate to a charity and there’s bound to be at least a few relationships that were meaningful to him. However, due to a lack of planning it looks like the state of New York may be receiving a windfall.
Larry Parman
Author, President and Founding Attorney
Parman & Easterday
Since founding Parman & Easterday in 1985, Larry has led over 1,000 free, community-service education programs and helped more than 10,000 Oklahoma families go from putting off their estate plan to getting it done. His goal for every client is the same: to become the person their family calls "the one who took care of everything."
Larry is the author of three books: The Straight Shooter's Guide to Estate Planning; Estate Planning Basics; and Guiding Those Left Behind in Oklahoma. He served as Oklahoma's Secretary of State and Secretary of Commerce, and his firm is the only member of the American Academy of Estate Planning Attorneys in the state.
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