Judge Jeffrey Malak in Chicago granted the petition filed by Fossett's wife, Peggy, The New York Times reported.
Fossett, 63, who made millions of dollars trading soybeans, retired to a life of adventure. He set three round-the-world records, became the first person to circumnavigate the globe alone in a balloon and to fly a plane alone around the world without refueling, and set a speed record in his catamaran.
He disappeared Sept. 3, 2007, while on a seemingly routine flight in a single-engine plane. Fossett was staying at the Flying-M Ranch near Yerington, Nev., a resort owned by William Barron Hilton and open only by invitation.
An air search of the remote area on the Nevada-California border found no trace of the plane or its electronic beacon.