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Someone Stole My Inheritance. What Are My Options?

Someone Stole My Inheritance. What Are My Options?

Rebecca Lake   Wed, January 18, 2023

Receiving an inheritance could provide an unexpected (or anticipated) financial windfall. There’s just one thing you may have to contend with – people attempting to steal what you’ve inherited. Inheritance theft is sometimes a very real problem for people who inherit money, property or other assets. Inheritance theft laws exist to protect heirs and beneficiaries. If you’re set to receive an inheritance or have received one that was stolen from you, it’s important to understand what legal rights you may have for getting those assets back. A financial advisor can help you with estate planning to minimize conflicts after your death.

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What Is Considered Inheritance Theft?

Inheritance theft can take different forms, with some being more obvious and others being more subtle. Some common examples of inheritance theft or inheritance hijacking include:

An executor of a will who steals or attempts to hide assets from the estate inventory

A trustee who diverts assets from a trust for their own use or benefit

Executors or trustees who charge excessive fees for their services

Abuse of power of attorney status

Use of coercion or undue influence to force a will-maker or trust grantor to change the terms of their will or trust

Fraud or forgery related to the will or trust document or the destruction of said documents

Inheritance theft can also happen on a more personal level. Say you and your sister share caregiving duties for your aging mother. Your sister has access to your mother’s bank accounts and without your knowledge, withdraws a large amount of cash from them while your mother is still living.

Meanwhile, your mother names you as executor of her will. Once she passes away, you begin creating an inventory of her assets only to discover that money is missing from her bank accounts. If you and your sister were supposed to have inherited those assets jointly, this could constitute a violation of your state’s inheritance theft laws.

Is Stealing Inheritance a Crime?

People who commit inheritance theft, whether it’s an executor, trustee, beneficiary or someone else, may be subject to both criminal and civil penalties. For example, a trustee who embezzles money from someone’s estate can be charged with a felony or misdemeanor, depending on state laws. They can also be sued by the beneficiaries of the trust for breach of fiduciary duty.

Likewise, a caregiver who steals money from someone’s bank accounts or coerces them into signing over other assets could be charged with a felony or misdemeanor crime. Typically, whether a felony or misdemeanor charge is brought depends on the nature of the theft and the value of what was stolen. Felony convictions can result in a prison sentence while the punishment for misdemeanor convictions is typically jail time and/or fines.

 To continue reading, please go to the original article here:

https://finance.yahoo.com/news/someone-stole-inheritance-options-140024441.html?fr=sycsrp_catchall

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