Originally Posted by grantmc
I think wait 7 years from when they are officially a missing person, when does that start? It's not until the 7 years is up in many countries that probate will be issued and up until then nothing can happen with the estate.
Sort of a little off-topic, but one has to wonder how that can play out. Assume I disappear one day. My estate is MINE, and no one can touch it or meddle with it until I am declared dead. Over the next 7 years:
* My lawn will grow to jungle status.
* My power
will be shut off for failure to pay, and all my pipes will freeze.
* My real estate taxes
will go overdue, resulting in tax sale
of the property. The excess proceeds are turned over to....who? Placed in a holding account, perhaps?
* My retirement
pension will continue unabated (I'm only missing, I'm not dead, so my estate will collect it for seven additional years!).
* My car insurance will lapse. If my auto registration
doesn't expire first, a long line of penalty fines will be assessed.
* Here in Maryland
, any account that is untouched (no contact at all from the owner) for 5 years (I think?) is declared abandoned, and turned over to the state. You can reclaim it forever (literally, I found and reclaimed a tiny account that had been abandoned for almost 20 years), but it gets taken out of whatever investment it was in and turned over to the State as cash.
And all the while, my heirs are watching, helpless to interfere.
What a conundrum!