With no children and family members who want to see his assets go to victims, figuring out how to handle the estate of the man who murdered and maimed concert goers will take some time to figure out.
Stephen Paddock died with no will and an estate worth an estimated $5 million.
Newsweek’s recent story, “Vegas Gunman Died Without A Will. Who Will Get Stephen Paddock’s 5 Million?” explains that attorneys for victims of the shooting are asking that a third-party attorney be appointed to control Paddock’s assets and freeze them.
At a recent hearing, Paddock’s mother said she didn’t want to be the executor, the person who would distribute his properties and assets. His brother, Eric, told reporters that he wanted to control his brother’s fortune and give it to victims of the shooting.
Since Paddock died without a will, Nevada law says that everything he owns would’ve gone to his parents, because he wasn’t married and didn’t have any children. If his parents decline, Paddock’s assets would be divided among his siblings. The law also says if no one comes forward to claim his estate, it could go to the state of Nevada.
However, Paddock’s case is different than others, because of the size of his fortune and the murders he committed before he killed himself.
Attorneys want a third-party administrator to be set up, which is permitted by state law, to collect everything Paddock owns to find out his net worth.
The court scheduled a hearing to consider excluding Paddock’s family from being beneficiaries of his estate.
Victims of the shooting have filed more than 17 lawsuits against MGM Resorts—which owns the Mandalay Bay Resort and Casino where Paddock carried out his attack—the country music concert organizer Live Nation and the makers and sellers of bump stocks, the device that may have allowed Paddock to kill more quickly.
The attorneys representing the victims say that the claims are intended to obtain answers for survivors and the families of those who were killed, along with financial compensation. Requests for more information, documents, photos and videos from the parties being sued are still being denied.
Reference: Newsweek (November 20, 2017) “Vegas Gunman Died Without A Will. Who Will Get Stephen Paddock’s 5 Million?”