“Shooter Stephen Paddock was an avid gambler and left behind an estate worth an estimated $5 million. However, he didn't leave behind instructions on what he wanted to be done with his money, properties or belongings after he died.”
The gunman behind the deadliest mass shooting in modern U.S. history didn't have a will before killing all those innocent concert goers in Las Vegas and then turning a handgun on himself. Therefore, what happens to his estate?
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 with 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 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.
In addition to financial compensation, the victims’ legal counsel say the claims are designed to prevent another tragedy and to get answers for survivors and the families of victims about exactly what happened during the attack.
Reference: Newsweek (November 20, 2017) “Vegas Gunman Died Without A Will. Who Will Get Stephen Paddock's 5 Million?”