what happens to money and properties of dead people with no relatives ?


what happens to money and properties of dead people with no relatives ?

In: 5

3 Answers

Anonymous 0 Comments

This answer is deliberately generalising for the simple reason that different nations, states and governments have different ideas on exactly how this is supposed to happen,

A property cannot be without an owner. It will forever and forever complicate things like contacting the owner to get permission to build a road on the property or force a sale for not paying taxes and other types of fees. For that reason, when someone dies and there is no obvious next of kin and no will, the property ownership will be transferred to some kind of government entity.

Where I live, in Sweden, that government entity is *Allmänna Arvsfonden*, translated to *The Public Inheritance fund*. It’s a government agency who is legally entitled to all inheritances where there is no legal heir and no legal will. They sell everything you own, and use the money for publicly funded research and publicly desirable charities where charity projects and research projects can apply for funding.

Not a completely nuts idea, but also not the only way you can do it.

Anonymous 0 Comments

It depends on the country in question, but generally speaking the state, government, city, county etc. will inherit it.

They’ll either do something with it like use the property for a project, invest it somehow (e.g. they’ll rent it out) or they’ll just sell it in an auction.

Anonymous 0 Comments

Here in the USA, if someone dies with no next of kin and no will, their property is taken by the state.

Typically the state has no use for it, so they sell everything at auction. Although that’s not always the case. IIRC there was one case where a rancher died and the state deliberately sold his land to a wind farm developer. Which caught a lot of flak because at least when it’s at auction everyone has a chance to buy it. But when it’s a closed sale like that it seemed a little corrupt. However it was ruled that there’s no requirement for government seized assets going up for sale to be available in public auctions. They were legal when they privately sold it.

In short. In the USA. The state the property is in claims the property. Usually they just auction it off for the money. But they can technically do whatever they want with it.