The airplane, the island, and the millionaire
Alright, so a really brilliant friend of mine posed an incredibly intriguing scenario today and I don't know what the correct answer is, if there even is one. Thoughts?
Here it is:
An aeroplane drops a nuke on an island as part of a military test. Unbeknownst to the pilot and the military, the island was bought by a millionaire from an island real estate company. The millionaire, a solitary man with no immediate relatives, had been vacationing on the island when the bomb dropped. He, his estate, and the island are all evaporated. Where does the money go?
well, by law, the money goes to anyone related to him by blood or marriage -- even his second cousin's daughter's grandson's wife if it gets to that.
otherwise it all gets claimed up by the govt, doesnt it?
Greece
haha yess
Unfamiliar with the inheritance tax I see.
Without a will to specify who would get it, it would go to the Government. It would go through Probate court, if nobody puts a legitimate claim to it, then they will get it. It's called the Death Tax.
Me and it appears most of the other commentors may be missing something, because I don't see how this is particularly intriguing. It appears to be a straightforward legal question, albeit dramatic. Unless by asking "where did the money go?" your friend was asking a somewhat philosophical question as to the nature of money and wealth and whether the value represented by money has any inherent indestructable characteristic that remains even after the physical currency or tangible asset is destroyed.
But if the question appears to ask the legal question of who gets the money, then anything owned by the millionaire that stills exists will pass to the closest surviving relative according to the intestancy and succession laws of his state of residence. If none can be found after a thorough search any assets will escheat to the state. This includes assets like bank accounts, royalty interests, and future interests in property.
I*
what is so incredibly intriguing about this....
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