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How to stop someone from stealing your legacy

Image from article titled What Is Inheritance Theft (and How You Can Protect Your Money)

Photo: Jacob Lund (shutter stock)

If you have money, property, or other assets to inherit upon death, or if the beneficiary expects to die Inheritance from relatives — You need to make sure everything is distributed according to plan.

but it is It is not unheard of for family conflicts to complicate or completely derail inheritance allocations —this is develop into a type of theft known as “inheritance theft,” or “Inheritance Hijack”, misdemeanor or felony.So what exactly does it containHow can you protect your money?

What is inheritance hijacking?

possible inheritance theft occur in different ways:

  • Steal, destroy or forge a trust or will.
  • Extorting or using undue influence, some of which include ‘Excessive Persuasion’) to persuade someone to change their will or faith.
  • Stealing, hiding, or misappropriating assets from property or for personal gain.
  • abuse power of attorney authority.
  • Charge excessive fees for services related to the duties of an executor or trustee.
  • Marriage under a false pretence to benefit from an inheritance.

Inheritance theft may be carried out by professionals who help plan and execute the estate, but is more likely to occur within the family or among close caretakers. one common tactic, and usually A family member trying to get close to someone in order to get their propertyoften by doing them Good feeling.There is also family swearing as well convince each otherAssign inheritance.

Note that stealing assets from senior citizens and falsifying financial documents are considered A Form of Elder Abuse.

How to protect your assets from hijacking

First and foremost, start the property planning process early and With the help of a lawyer who specializes in this field. Our experienced attorneys can help you draft a sound estate planning contract. Keep multiple sets of detailed records of everything related to your property and clearly discuss your wishes with those involved.

Scottish Heritage SG’s UK-based senior investment manager, Jason Porter, can also consider diversifying assets early to get the desired distribution. This can help prevent extortion and diversion, but you should work with a tax preparation professional to understand the impact of expensive gifts.

Again, emotional manipulation between relatives is a more likely scenario than professional theft or fraud of any kind, so hire legal and financial professionals who specialize in estate planning. may be your best protection. You may also consider having multiple executors Who is responsible for distributing your assets according to your estate plan?

How to protect your legacy

Suppose you are the heir. We assume that you respect the wishes of your relatives and have the best intentions of standing above them legally. you can see it. Money abuse and exploitation, money mismanagement and misuse, can be difficult to detect. May also contain warning signs Sudden bank changes, large or unexplained withdrawals or transfers of assets, and unpaid bills.

Laws governing penalties for inheritance theft and violations vary from state to state, but an estate planning attorney or forensic accountant can help pursue these concerns if you believe this is happening. may also be reported to state agencies.

How to stop someone from stealing your legacy

Source link How to stop someone from stealing your legacy

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