$500,000 in cash that was found in the walls of a deceased man's former home has been considered entitled to that man's heirs according to court ruling.
Robert Spann died nearly 11 years ago in 2001. After his death, his daughters had found several hidden assets in his Arizona home. These assets included stocks, bonds, gold, and some cash. They sold the home in 2008.
When the new owner's of the home started remodeling a kitchen and bathroom, a worker who torn down the walls discovered the $500,000 in cash hidden there inside ammunition cans. The new owners laid claim to this cash. Naturally, the heirs of Mr. Spann also claimed the cash and the issue went to trial. The trial court favored the heirs so the new owner's appealed. But the appeals court upheld the earlier ruling and found that the money was not abandoned, only mislaid. Therefore, the money still belonged to Spann's estate.
A valuable lesson is learned here. Don't hide your assets in the walls! And if you do, at least leave a list somewhere safe telling your heirs where to find them. Otherwise, some strangers might come along and try to claim them. One safe place you can leave a list of your assets with is a qualified professional estate litigation Attorney.
*This blog entry was not written by an Attorney and should not be constituted as professional legal advice.