160 Billion Won Estate of Millionaire Who Died Without a Will to Be Inherited by 119 Unknown Relatives

A Quiet Life Alone Without Marriage or Children... All Siblings Deceased
Largest Amount Returned to Unclaimed Estate Heirs in the US Cases

[Asia Economy Reporter Bang Je-il] An unprecedented inheritance case that seems like it could only happen in a drama has occurred in the United States. Due to the death of a man who passed away without a will, 119 relatives who had no idea of his existence until now will inherit a large fortune.

According to Chicago media on the 27th (local time), the $11 million (approximately 1.6 billion KRW) estate of Joseph Stankeik, a Chicago man who died at the age of 87 in 2016 without leaving a will, is set to be distributed among 119 relatives who have never even heard of Stankeik’s name.

The Illinois State Treasurer’s Office revealed that during the process of returning unclaimed property, they discovered that Stankeik had left behind a large fortune. He lived a quiet life alone without ever marrying or having direct family and was found dead on December 23, 2016, in his modest home in the Gage Park neighborhood of southwest Chicago.

Upon investigation, the assets left by Stankeik amounted to $11 million, including a boat named "Easy," bank deposits, and mutual fund investments. How Stankeik was able to accumulate such wealth remains unknown. However, neighbors reported that he lived frugally. A spokesperson for the Treasurer’s Office stated that it took investigators years just to collect data and trace his family tree to identify the legal heirs.

Kenneth Piercy, the attorney managing Stankeik’s estate, said, "There are 119 heirs spanning five generations, living not only in Illinois including Chicago but also in New York, New Jersey, Minnesota, Iowa, as well as in Canada, the United Kingdom, Germany, Poland, the Czech Republic, and Slovakia, scattered across North America and Europe."

"Not a single one of them has ever heard of Stankeik," he added. Despite having no acquaintance with him, each heir will receive an average of $60,000 (approximately 85 million KRW) after taxes.

The Treasurer’s Office stated, "This is the largest amount of unclaimed property returned to heirs without a will in U.S. history." Piercy added, "Since most heirs live overseas, it may take up to four years just to transfer the money."

Meanwhile, investment media MarketWatch reported, "In the U.S., when someone dies without a will, assets such as bank accounts, real estate, and securities are handled according to the intestate succession laws of the state where the deceased resided." However, real estate located in other states is subject to the laws of those states. If the court cannot verify the legitimacy of heirs, the estate reverts to the state government.

This content was produced with the assistance of AI translation services.