Friends Cache

[s.c.shooter]

A friend of mine purchased a home that had belonged to an elderly lady who had passed away. She told me that the lady told her family on her deathbed that she had buried money on the property but they were unable to locate it. She has tried to find it using a metal detector and has dug a lot of holes without results. I don't know what brand and believe it to be an inexpensive model. She has offered to let me try to find it. What percentage of the cache would be fair for me to ask as my share if I'm fortunate enough to locate it?

[MZKITY62]

I would say half. If I were doing the detecting and digging, I would do it on halves, even if they are helping.

[Kentucky Kache]

I would like to do it on the halves, but hey, take anything you can get. if nothing else it will be loads of fun and valuable experience for you.

[Ism]

Whatever finders fee you decide on, get it in writing. People change when the cache is discovered.

[10claw]

just accept whatever the friend offers-- what better way to to know for sure if you have a friend? and if you are
a genuine friend to her, then don't ask for a percentage.

[CWnut]

half would be nice, but the adventure and experience would be priceless. IF you do make a recovery be aware that the family of the deceased may be expecting all or part of it and may keep you tied up in court for years.

[Tuberale]

I know I'm going to step on some feelings here. Sorry in advance.

Legally, a finder of lost valuables in my state is entitled to a 15-20% "finder's fee", regardless of what is found. The courts here have upheld that amount whether the "cache" is recovered bank funds or intentionally cached objects. So regardless of your relationship with your friend, start with that amount.

If your friend also owns the property where the cache is located, you need to consider the space to be covered, and how quickly you can effectively cover it.

Unless your friend can document the person who actually cached the funds, and you can document they had such funds, I'd pass. The 5 W's still apply: Who, What, When, Where, Why. Unless you can document at least 4 of the 5, this comes under the classification of legend or heresay rather than fact. Wait until you have at least a name before commiting to a lengthy project, and do all possible research on that person first.

In this case it sounds as if some interviews with your friend's family members might be in order. Time is money. In even researching the story, you are investing your time and expertise in interpreting history, as well as your expertise in using a metal detector.

And as CWnut notes, there's still the chance that the family of the deceased could make a claim against anything recovered if you or your (land owner) friend talks. Just some realities of the business, and I hope I haven't offended too many people here.

[GlassyEyed]

then i would do it just for the friendship. What are friends for right? Plus, you get the thrill of discovery if found.
If I were to find it I would probably ask for one coin. That way I could put it away and everytime I looked at it I could remember the discovery and the friend I assisted.

[Goodyguy]

A friend of mine purchased a home that had belonged to an elderly lady who had passed away. She told me that the lady told her family on her deathbed that she had buried money on the property but they were unable to locate it. She has tried to find it using a metal detector and has dug a lot of holes without results. I don't know what brand and believe it to be an inexpensive model. She has offered to let me try to find it. What percentage of the cache would be fair for me to ask as my share if I'm fortunate enough to locate it?

I would ask her what SHE thought would be fair.
And get it in writing.

Also I believe that whatever is in the ground belongs to the present landowner not the relatives of the old land owner.
But that is tricky, so keep the results if found to yourselves just to keep from upsetting others and to prevent possible litigation, not to mention the IRS getting involved.

GG~

[Rockin Chairs Gold]

Some years back a older gentleman (farmer hermit) asked my father-in-law and me through a neighbor of his to help recover several items that was lost in a home fire. The agreed amount was we split everything in half as it was a lot of work sifting threw all that debris. I made arrangements to sell everything found and it was everything from jewelry to coins and the coins amounted to many thousands of silver coins. It took weeks to sift them out of the ash's and most were damaged to the point that there was silver value only.

He was very pleased with what he got from the sell of the items and we were completely honest and aboveboard on everything sold, showing him all the receipts and letting him see how we divided it all up.

He had no one to leave anything to as he never married. He also owned two farms in the area, and a few years later he died and we got a call from his neighbor a friend of ours that his lawyers were looking for us wanting what we got for our part in the deal back. Thank god she was a good enough friend that she told them she had no idea who we were or how to contact us, otherwise we could have had a real mess on our hands. According the the friend the lawyers tied his estate up in the courts for several years until they managed to eat it all up in legal fees. I made a point from that day on to always get everything in writing, and I'm not sure that would save us from those greedy lawyers. "Rock in Chairs Gold"

A friend of mine purchased a home that had belonged to an elderly lady who had passed away. She told me that the lady told her family on her deathbed that she had buried money on the property but they were unable to locate it. She has tried to find it using a metal detector and has dug a lot of holes without results. I don't know what brand and believe it to be an inexpensive model. She has offered to let me try to find it. What percentage of the cache would be fair for me to ask as my share if I'm fortunate enough to locate it?

[Tuberale]

Welcome to TNet, Rockin Chairs Gold!

That's a heck of a story, and one that probably happens somewhere in the US every day now.

Those who do not check up on fires as the means to treasure recoveries are missing out!

But it also points out the need for having an agreement in writing before beginning.

I'll bet many if not most families have a similar story somewhere in their past. I know I have one in mine.

[Goodyguy]

Here is the form I use:

[GrayCloud]

And that my friend is why we are loosing our country,,,TOOO many lawyers.

Thanks GG, I will use that form.

[Goodyguy]

And that my friend is why we are loosing our country,,,TOOO many lawyers.

Thanks GG, I will use that form.

Here's another I use only if they are worried about liability:



LIABILITY RELEASE FORM


On this __________ day of ____________________, 20_____,

Intending to be legally bound hereby, the undersigned agrees and does hereby release from liability and to indemnify and hold harmless,

__________________________________________________ _____________
Property Owner (please print)

__________________________________________________ ______________
Address of Property

This release is for any and all liability for any and all personal injuries (including death) and/or property losses.

________________________________ ________________________
Signature of Releasor Date Signed

________________________________ _________________________
Signature of Landowner Date Signed

[ocalasix]

Whatever finders fee you decide on, get it in writing. People change when the cache is discovered.

i agree 100% with the poster here!! get it in writing!!..and photograph it so we can see!!..

[lastleg]

s.c.shooter:

You say she 'buried' some money? Most women are too smart to do a dumb
thing like that. They might hide it in or around the house but taking a shovel
and digging a hole in the ground would be very strange. Deathbed dementia?

[cw0909]

s.c.shooter:

You say she 'buried' some money? Most women are too smart to do a dumb
thing like that. They might hide it in or around the house but taking a shovel
and digging a hole in the ground would be very strange. Deathbed dementia?

what if it was a confused memory, of someone who had buried some money
she may have dug it up and forgot she did, i would check just to make sure

[drewan29]

s.c.shooter:

You say she 'buried' some money? Most women are too smart to do a dumb
thing like that. They might hide it in or around the house but taking a shovel
and digging a hole in the ground would be very strange. Deathbed dementia?

I don't know I've heard of women stashing money in flower gardens to hide it from their husbands.
"What are you doing honey?" "nothing why" "you have your jacket on" Oh...I'm going to work in my flower garden dear I'll be in shortly"
mean while the old man doesn't have a clue that she has cached 400-500 dollars for the "just in case" fund.
HH-drewan

[lastleg]

I dunno, wouldn't think rain or sprinklers would do money in a flower
garden much good.

[Jason in Enid]

I dunno, wouldn't think rain or sprinklers would do money in a flower
garden much good.

If it has to be spelled out, it's not worth the time to write it.