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Old Money, Same Issues: Lessons From The 5th Century In Organizing Your Estate

Clear direction and organization will ensure a smooth and hopefully expeditious estate administration.

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It is not uncommon to find a piece of jewelry or to discover a dormant bank account years after a relative’s passing, when the estate has long been closed. If it is a matter of discovering a simple trinket, a hand-off to the next-of-kin may suffice. If more involved, one may have to petition a bank, the probate court, or even an unclaimed funds bureau for access to the monies so that they may be distributed to a last will and testament’s beneficiaries or intestate heirs. It is therefore imperative that a testator appoint a meticulous and thorough administrator for her estate so that no stone is left unturned when it comes to searching for and marshalling assets before the estate is closed.

Last week, in Zur Natan, Israel, archeologists discovered deeply lodged stones related to the estate of an Ancient Samaritan named Adios (for trusts and estates purposes, this name seems quite appropriate). Specifically, agricultural property was found including a stone inscription within a winepress that reads, “Only God help the beautiful property of Master Adios, amen.” The inscription was translated from Greek by Professor Leah Di Segni of Jerusalem’s Hebrew University.

The estate is reported to date back 1,600 years to the 5th Century. The excavation, common in Israel, was led by Dr. Hagit Torge on behalf of the Israel Antiquities Authority, who stated that “Master” in Samaritan culture was a term given to an individual of wealth and/or stature.

​Scholars have placed the estate in the 5th Century when Samaritans inhabited Central Israel. The estate contains stone quarries with evidence of mechanisms for wine producing.  The discovery is located near a Samaritan synagogue that in the 6th Century was made into a church and monastery. Nearby evidence reveals a structure with rooms used for making wine, flour, and oil, including a mill. Near the synagogue, excavators have found another inscription noting Adios’s stature in the community.

​Upon one’s death, there is no comprehensive service that finds every asset in the individual’s name. Sometimes the executor or family partake in what seems to be a goose-chase, trying to find out where the decedent held her monies and property.

Generally, organized individuals leave organized estates. It is imperative when writing one’s will to make a list of all assets, including but not limited to real property, bank accounts, insurance policies, and other financial investments, in addition to all debts and liabilities. Often one’s attorney will provide a schedule to complete and keep such documentation in order to assist the executor upon death. Last wills and testaments  do not list individual financial accounts within the text of the document.

The best evidence of asset holdings are often a decedent’s tax returns. General supporting documentation and dividend and interest schedules reveal enormous information about one’s financial status. Additionally a review of a decedent’s mail reveals the bank accounts wherein accounts are held, properties where utilities exist, and items for which insurance policies are paid.

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In the event a decedent’s assets are not properly marshalled, the monies may be referred to a state’s unclaimed funds depository. Real estate for which taxes are not paid may be seized. Many of the concerns for unclaimed or undiscovered funds can be assuaged by keeping good electronic records. In today’s age, bank statements, taxes, and financial accounts may be managed online. At a minimum, one’s last will and testament should grant the executor access to one’s digital assets including financial, real estate, and social media accounts. While online usernames and passwords are not delineated in a last will and testament, a list should be compiled with this information, just like the schedule of bank accounts and property. Whether it is a wine press, flour mill, or online currency, clear direction and organization will ensure a smooth and hopefully expeditious estate administration.

Cori A. Robinson is a solo practitioner having founded Cori A. Robinson PLLC, a New York and New Jersey law firm, in 2017. For more than a decade Cori has focused her law practice on trusts and estates and elder law including estate and Medicaid planning, probate and administration, estate litigation, and guardianships. She can be reached at cori@robinsonestatelaw.com. 

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