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fleurgirl123 t1_iu6tsgv wrote

Reply to comment by [deleted] in A Chicago Man Quietly Left Behind $11 Million — The Largest Unclaimed Estate In American History by pinktacobuffet

How wealthy was he? I didn’t think there would be taxes on it unless it was above $5 million.

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random-idiom t1_iu7d3om wrote

That's only if you leave a will and follow the rules - if you die and don't have a will a very large chunk of your estate goes poof, and then there are fees for whoever is appointed by the court to track down 'heirs' - which can include PI fees searching for people.

You do avoid the worst if you die and have a spouse - as they get everything by assumption if they are alive - but kids don't without a will the court has to do it's thing.

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fuddykrueger t1_iu8j8lk wrote

In some states dying intestate (without a will) causes your estate to be split 50/50 with 50% going to spouse and the other 50% going to the kids (split evenly). There are different rules in each state.

For instance in Illinois, spouse gets half and kids get half (copied and pasted):

Illinois

If you have a spouse but no children, the spouse inherits everything. If you have children but no spouse, the children inherit everything. If you have a spouse and children, the spouse and the children receive half of your property each. If you have parents but no spouse, children, or siblings, your parents inherit everything. If you have siblings but no spouse, children, or parents, the siblings inherit everything. If you have parents and siblings, but no spouse or children, your property is evenly divided among each parent and each sibling. (However, if you have only one parent alive, that parent receives a double share.)

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