What happens when a co-inheritor of a will can't be found?
I'm sure this varies from state to state, but if a person passes and there are 3 children, but one of them can longer be reached. How is that settled?
Answers:
It escheats to the state. (Legal joke)...anyway, the executor would have to put the money in a trust while continuing due diligence in searching for the heir. If after a set number of years, the missing heir could be declared dead, and his share would pass to his heirs if there be any. If there are none, then the money passes back to the residuary clause of the will. Or if intestate [no Will] then by the state law. Since there are three children, then it would pass through the steps that would naturally lead back to the two remaining children.
The money is set aside . . . generally in an unclaimed property account.
" . . . can longer be reached . . ."
Why not? Are they missing? Do they have any children? It is the executor's obligation to conduct a reasonable search for a missing heir or beneficiary. There are companies that will do this on a contingency. Just Yahoo search for "missing heirs."
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