Inheritance Theft - The Stolen Estate
As America Ages Inheritance Theft Is a Growing Problem
Martha Smith knew how much she was supposed to inherit from her mother's trust. The mother and daughter had many discussions about it before she passed. But when everything was distributed, the amount was noticeably less. How did that happen? After hiring attorneys and investigations, Martha found that the trustee, a trusted family member, had siphoned money and assets into the trustee’s name. Her inheritance had been hijacked
While it seems impossible, inheritance hijacking or theft is a real thing. How does it happen? Sometimes the hijacking is by a trusted family member that took advantage of their elderly loved one by convincing them to rewrite their will to disinherit everyone but them. Or maybe a family member accessed their accounts and transferred money out. Sometimes it's by the executor of the deceased will. As the executor, they have access to all the estate's accounts and assets. They could sell off assets, pocket the money or charge exuberant fees against the estate for their time.
How Do Estates Get Stolen?
A stolen estate or trust can occur in many ways, including the following:
- Undue influence over a testator of limited capacity or the elderly.
- Theft or forgery of the will.
- Abuse of power of attorney by a trusted friend or agent.
- Executors or Trustees who charge excessive fees for their services.
Heirs can take steps to prevent inheritance hijacking from happening. Periodically talking about the estate plan with loved ones can allow more people to keep an eye on the probate process. If they feel like the executor of the estate is untrustworthy, they can take steps to have the executor removed. Importantly, periodically checking bank records, tax statements, and investment accounts can help prevent theft at an early stage before it gets out of control.
Dallas Inheritances Theft Litigation Attorney
Can heirs or beneficiaries do anything if they happen to become victims? Heirs can hire attorneys to sue for breach of fiduciary duty, theft, or fraud to recoup the lost funds and assets. The lawyers of Wilson Whitaker Rynell specialize in Probate litigation and Estate Litigation. If you believe your inheritance has been stolen and/or wrongfully taken, our trusted lawyers can assist you in recovering those assets. Our firm will help protect you from financial abuse.
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