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Over the next two decades, older Americans are expected to leave behind inheritances worth over $80 trillion to their families. Financial gurus are already referring to it as the “Great Wealth Transfer,” but they’re also cautioning families to look out for situations that could lead to others stealing their inheritances. One way to do this is by investing in legal assistance for probate litigation.
Families are also advised to learn how to recover a stolen inheritance in case they ever need to take legal action against someone who has stolen part of or even all of a loved one’s inheritance. Asset recovery isn’t always easy in cases involving missing inheritances, but it is possible when families work their way through the right steps.
Find out more about the effective legal strategies for recovering a stolen inheritance below.
Begin by Locking Down a Loved One’s Inheritance Immediately
If you have even the slightest suspicion that someone may have stolen from a loved one’s inheritance, spring right into action to prevent any future theft attempts. Speak with the executor about a loved one’s will and other family members playing a part in the probate process, and fill them in on what you think is happening.
If nothing else, this should temporarily stop someone from stealing from a loved one’s inheritance since they’ll know others have caught on. This might not necessarily solve the main issue, but it can prevent the situation from worsening.
Determine Who May Have Stolen From a Loved One’s Inheritance
Sadly, the majority of inheritance theft cases don’t involve outsiders coming in and stealing from grieving families. Instead, it’s often immediate family members who allow greed to convince them to make bad decisions.
In some cases, executor misconduct is to blame for inheritance theft. The person your loved one trusted to take charge during the probate process may steal from their inheritance when they think other family members aren’t watching. These massive trust violations can tear families apart and leave them wondering how to recover a stolen inheritance.
In other instances, someone close to the executor of a loved one’s will might exploit their relationship with this person and use undue influence to trick them into providing access to part of an inheritance. This can create another volatile situation for a grief-stricken family.
Either way, you and your fellow family members should narrow down the potential perpetrators of inheritance theft. Do this by sifting through the records related to a loved one’s estate to see what is missing and look for a paper trail showing where it all went.
Touch Base With a Trustworthy Probate Lawyer To Discuss a Loved One’s Inheritance
More than 200,000 estate lawyers work throughout the U.S. Look for local probate attorneys in your area and hire one to assist your family when figuring out how to recover a stolen inheritance. They can lend a hand with filing the proper paperwork in probate court and launch an investigation into the alleged inheritance theft.
In a perfect world, your family should start working with a trusted probate attorney from the beginning to decrease the chances of inheritance theft happening in the first place. As long as they’re reputable and have good morals, you can count on them to handle the legal proceedings related to the probate process.
Report the Theft of Your Loved One’s Inheritance to a Probate Judge
A probate judge will oversee the probate process as your family seeks to substantiate the legitimacy of a loved one’s will so that estate distribution can occur. They’ll also settle any differences that might pop up during these legal proceedings.
Once you have a probate attorney in your corner, report the suspected theft of your loved one’s inheritance to this judge. Even if you don’t believe an executor is to blame for stealing a loved one’s assets, a judge will often assign a temporary administrator to take control of a person’s will and inheritance. This can prevent further problems with inheritance theft from affecting a loved one’s assets.
Ask a Judge To Force Whoever Stole From a Loved One’s Inheritance To Return Missing Assets
Recovering the assets that have gone missing from a loved one’s estate will present many challenges. Despite having a probate attorney on your side and a probate judge who understands your situation, you might still struggle to determine how to recover a stolen inheritance.
However, if you suspect someone stole money from a loved one’s inheritance, a judge can order them to return it immediately or face harsher penalties than they might have to deal with otherwise. They can also order someone who committed theft to give back any personal possessions to which they don’t have the inheritance rights.
Unfortunately, some assets that go missing from a loved one’s inheritance might not ever be recovered. But the sooner you spot signs of inheritance theft and move through the steps listed here, the better the odds of recovering the cash and other assets stolen from your loved one’s inheritance.
Know How To Recover a Stolen Inheritance and Act Quickly
Figuring out how to recover a stolen inheritance is difficult enough. The last thing you need is for financial concerns to make it hard for your family to take legal action against someone who has stolen from a loved one’s inheritance.
Rockpoint Probate Funding can help by providing you with the inheritance funds you need in advance so you can hire a probate attorney to help with your case. Contact us today for more information on how we can assist you.
