Chicago man’s $11 million estate to be divided among 119 distant cousins who never knew him

An unmarried Chicago man with no children, no living siblings, and no nieces or nephews quietly amassed an $11 million estate through mutual-fund investing. He died without a will or apparent heirs.

According to the local news site Block Club Chicago, a team of lawyers is preparing to distribute Joseph Stancak's estate among his family and distant cousins. Each heir will get $60,000 after taxes. After the estate lawyers consolidated scores of accounts, they were able to track down dozens of surprised relatives.

Rudy Quinn, president of Linking Assets Inc., told Block Club that he believes this is the largest unclaimed estate in US history.

The Illinois treasurer's office told the news outlet that mutual fund investments were a significant part of the mix. He spent some of his money during his lifetime, including on a boat named "Easy."

According to the report, Stancak's six siblings had all died before him. The family tree was five generations deep.

Poland, Slovakia, the Czech Republic, Germany, the United Kingdom and Canada are some of the countries where the descendants of Stancak are located. They hail from a number of states, including the Chicago area, Iowa, Minnesota, New Jersey and New York.

Rudy Quinn, president of Linking Assets Inc., a company that finds unclaimed money, told Block Club Chicago that he thinks Stancak's is the largest unclaimed estate in US history.

Estate and will planning is not only for the rich. There is nothing further from the truth. If you have an asset like a bike or a plane, you need to create a will, according to the estate attorneys at the California law firm.

Stancak, who neighbors described as having lived a quiet life, may have felt he had no one to leave his fortune to, and he apparently made no plans to leave money to a charity.

"Not making a will is a sure way to tarnish your memory, unleash family conflict and waste money on lawyers and taxes that would have gone to your heirs," wrote Morey Stettner for MarketWatch.

When you die, you should probably file an estate tax return.

If they're left to untangle an inheritance, relatives may have to contend with federal and state laws.

The intestacy laws of the state where the person lived will determine how bank accounts, real estate, securities and other assets are divided. According to the intestacy laws of the state where it is located, real estate located in a different state than where the deceased lived is handled differently.

If you don't make a will, you will tarnish your memory, unleash family conflict, and waste money on lawyers and taxes that will go to your heirs.

Assets and property are absorbed by the state if the court can't identify heirs.

Unclaimed cash and benefits are held by states, federal agencies and other entities. Not all of that money can be linked to estates.

Wondering if you might have a claim to a relative’s estate?  

The website of the National Association of Unclaimed Property Administrators (NAUPA) is a good place to start your search if you think you have a claim. Unclaimed property can be found on this free site. If something shows up, you can search for it in every state.

You can search by just entering your name at missingmoney.com.

You can find links to governmental and other entities if you believe you have money coming from an estate or have claims to other property.

If you hit a dead end with these searches but still believe you are entitled to an inheritance, you should hire an attorney familiar with the process in the state where the deceased person lived.

The search may not be easy but it could be worth it.

According to my stepmother, my father left me $1 in his will. I don't know if it's true that I can't get anything from his estate.