A Cook County judge heard testimony Friday from Fossett's wife, Peggy, and a family friend as well as a search-and-rescue expert before deciding there was sufficient evidence to declare him dead.
Fossett earned millions of dollars trading futures and options on Chicago exchanges.
Attorneys representing his estate had filed a petition to have him declared legally dead so his assets could be distributed according to his will.
Fossett was a record-setting balloonist, sailor and pilot who completed nonstop flights around the world.
