Executor Fraud: 3 Red Flags to Watch

Beware of the executor of an estate of an inheritance of an aging parent. The executor is legally required to do certain things and the dishonorable ones will delay it, will divert it and many times the executor knows what kind of power they have. So you may even have some family members stepping forward to volunteer to be the executor. Don't worry, I'll handle everything, you don't have to worry about anything. I know you're dealing with your loss of your parent, I'll take care of it. There are three things a dishonest executor does in the first month and if you see them, you can stop it before the money is already gone. First of all, the executor is legally required to do certain things. It's a trust position because they have a lot of latitude to do things that could be harmful. And if they're not observed, then uh they'll get away with it. We recommend that if a person is established as an executor that they first of all get a surity bond. They be bonded, so if they do something wrong, the bond will fix it. Number two, that they give regular at least monthly updates of status. So, what are the three things that executors going to do that are red flags. First of all, they're going to delay the accounting or they're going to refuse to do accounting. They're going to say, well, I'm working on it. I don't have the statements yet. I don't have anything to give you or they might say you're not entitled to have it. Or you're not um legally required to give it to you. That's the first red flag. No one sees the numbers. They keep hidden. Number two, is they start selling assets cheap to themselves, their friends, their relatives, insiders and this is a way to do what's called the fraudulent conveyance.