Imagine building tens of millions of dollars in wealth and leaving no instructions about who should inherit it. That’s exactly what happened in the case of Roman Blum, a Holocaust survivor and successful real estate developer from New York.
When Blum passed away in 2012, he left behind an estate worth approximately $40 million. Surprisingly, he left no valid will or trust, nor did he have any known heirs.
Because of this, Blum’s considerable fortune became the largest unclaimed estate in New York history. His story provides a powerful lesson about escheat laws and underscores why understanding these laws matters when you have significant assets.
What Are Escheat Laws?
Escheat laws exist in every state to address what happens when someone dies without a valid will or trust and without identifiable legal heirs. If no one comes forward or is identified as a legal heir, the deceased person’s property “escheats”—meaning it is transferred to the state government.
This is what happened to Roman Blum’s estate. After extensive searches, no surviving family members or legal heirs were found. With no one eligible to inherit, Blum’s assets eventually passed to the State of New York.
The law gave Blum every chance for a relative to claim the estate, but when no legitimate heir emerged, the state stepped in.
How Could This Have Happened?
It might seem remarkable that a successful businessman could leave behind such substantial wealth without a clear estate plan. But Blum was not unique. Many people delay creating an estate plan, often assuming they’ll have time to do it later.
Unfortunately, unexpected events happen, and Blum’s case highlights exactly how costly delaying this decision can be.
Blum’s attorney and friends reported that he was aware he needed a will, yet he never followed through. Perhaps he assumed someone would claim the estate eventually, or he simply underestimated how critical it was to document his wishes.
Whatever the reason, the absence of proper planning resulted in his entire fortune passing directly to the state rather than individuals or causes he valued.
Why Blum’s Case Matters to You
You might wonder why Blum’s story matters if you don’t have an estate valued in the tens of millions. Here’s the point: The lesson is not about the size of the estate alone. Rather, it’s about control and clarity. Blum lost control of his legacy simply by failing to document his intentions.
Escheat laws apply equally to smaller estates if no heirs can be found. But when estates are substantial, like Blum’s, the impact of such oversight becomes dramatic.
The larger your estate, the more critical it is to have clear documents outlining your wishes and identifying your chosen beneficiaries.
If you have considerable wealth, you need an estate plan that clearly outlines your intentions. Otherwise, the state (Connecticut in our case) could ultimately become your beneficiary by default.
Avoiding Blum’s Mistake
Roman Blum’s estate could easily have passed to friends, charities, or causes he cared deeply about if he had created even a basic estate plan. Instead, his life’s work defaulted to the government—not because of his preference, but due to inaction.
You can avoid this scenario by working with an estate planning attorney. A professionally prepared will or trust ensures your assets pass exactly as you choose. This keeps your estate out of state hands, and it prevents costly, prolonged legal battles.
In addition to naming your heirs or beneficiaries, your estate planning attorney can also help you consider charitable giving, asset protection, and tax planning strategies. These tools maximize your impact and protect your legacy.
It’s About More Than Just Money
Roman Blum’s story isn’t just about losing money to the state; it’s about losing control over something you’ve worked so hard to build.
Blum’s wealth could have supported charities, benefited close friends, or honored causes close to his heart. Instead, it became a cautionary tale about the dangers of failing to plan ahead.
We Are Here to Help!
Action is required sooner rather than later if you are going through life without an estate plan. You can send us a message to request a consultation at our Glastonbury or Westport, CT estate planning offices, and we can be reached by phone at 860-548-1000.
Mr. Nirenstein is licensed to practice before the courts of the State of Connecticut and the United States District Court. He is a member of the Connecticut and Hartford County Bar Associations, and the Estate and Probate, Elder Law, Business Law and Real Estate Sections of the Connecticut Bar Association.
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