Re: Not such a Stupid Question - Posted by JT-IN
Posted by JT-IN on July 24, 2003 at 07:01:13:
Ocasionally, there are folks who have no heirs and have made no other plans for estate as far as bequests. In this case, the clearing point for real property is generally a tax sale for delinquaint taxes. AS has been stated before, many of the properties that go to tax sale are from decedents who either have no heirs or the heirs are not aware of the property or their property rights. Also I have run into heirs who for whatever reason had a family rift with the decedent, and wouldn’t as much as accept a 10 dollar bill, if they knew that it came from the deceased. Makes no sense, but people can be a strange lot… As far as seeking out the next of kin in a tax sale property, the only means of doing so is from the advertisements of sale, which is public notice to collect a debt. If no one sees this notice, they forfeit any claim to the property, once sold, or when the redemption period laspses.
Laws vary from state to state as far as reporting of estate assets. It is not really a matter of reporting assets from the date of death, as much it is from the date of opening an estate for a deceased. The opening can be immediately, or it could be years later, but once an estate is opened then the period of time begins for creditor notices, etc… for any claims against the estate. Usually the notice period must run 120 to 180 days before an estate can be closed, which has nothing to do with the date of death. I have seen estates opened years after someone dies, and only then does the time period for notice begin.
Just the way that I view things…