Taxation & Estate Planning

More on Missing Persons and Probate

By Joel A. Schoenmeyer

A few things to follow up on the Steve Fossett case:

1. Eric Zorn of the Tribune discusses the case and the law, and quotes yours truly, here.

2. Juan Antunez weighs in with a nice post here about Mr. Fossett and how Florida law deals with this issue.

3. One other section of the Illinois Probate Act applicable in cases involving individuals missing and presumed dead is section 24-5, which makes potential beneficiaries in these cases post a surety bond (essentially an insurance policy) of twice the value of the property they are to receive. This is done so that, if the person (Mr. Lazarus?) does show up alive and well, he or she can get his or her property back. If the person's probate assets (i.e. the assets owned by him in his own name) were extensive, then the cost of premiums on this bond might be pretty high.

4. Slate's Explainer column weighs in here.

Full post as published by Death and Taxes Blog on November 29, 2007 (boomark / email).