Probate Fraud: How Inheritance Gets Stolen
Download MP3Description:
- Topic: Inheritance Theft and Probate Fraud: Understanding the Growing Issue
- Overview: Inheritance theft, also known as probate fraud or family fraud, is becoming one of the fastest-growing forms of fraud. This episode explores the problem, how it happens, and how to investigate and protect yourself from it.
Key Points:
- What is Inheritance Theft?
- Inheritance theft occurs when a family member unlawfully takes assets from a deceased relative’s estate.
- Assets involved may include property, bank accounts, vehicles, and more.
- This fraud often happens after the death of older relatives like grandparents, and can include hidden assets, fraudulent transfers, or improper actions by executors of the estate.
- Common Methods of Fraud:
- Family members may transfer assets before probate or attempt to hide certain belongings, like vehicles or bank accounts, from other relatives.
- Some may even transfer assets to themselves or others before the person dies or before the estate goes to probate.
- How to Investigate:
- Conduct a thorough asset search and forensic analysis to track any transfers that occurred around the time of death.
- Pay attention to fraudulent conveyances (unlawful transfer of assets) and hidden assets that may not be immediately visible.
- The Role of Executors:
- Executors of estates must handle assets properly. If they mismanage assets, it can lead to legal consequences, including criminal charges in some states.
- What to Do if You’re a Victim:
- Create an inventory of the deceased person’s assets. Don’t assume you know everything; hidden assets like retirement accounts or brokerage accounts may exist.
- Seek legal advice, especially if you suspect probate fraud or inheritance theft.
- A proper asset search can reveal fraud and help recover lost assets. You may also be able to ask the court to impose penalties on the fraudulent person.
- Why It Matters:
- Even if you don’t need the money, addressing inheritance theft is crucial to ensure fair distribution of assets and to prevent future fraudulent actions.
- Takeaways:
- Be vigilant about the assets your family members own.
- Consult a lawyer if you suspect any wrongdoing.
- Ensure proper documentation and asset forensics are in place to safeguard your inheritance rights.
Call to Action: If you think you’re a victim of inheritance theft, get legal advice and start an asset search today to protect your rights and family’s legacy.
