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Thursday, August 2, 2012

Son who stole 150,000 from his father's estate for luxury lifestyle is jailed

How many stories are out there about greedy, negligent or incompetent executors? It seems that we hear more and more of them all the time. Every time I see one, I want to share it here as an example of what can go wrong if you don't choose your executor well. As the attached story from www.dailymail.uk.co shows, choosing one of your children isn't necessarily a good idea.

In this story, a man named his son as his executor. The story describes the 45-year-old son as "jobless". Obviously being unemployed by itself doesn't necessarily mean anything about whether the person would be a good choice of executor, unless being unemployed was a chronic condition for that person. I often see parents who want to appoint their children as executors, despite the children having serious, chronic money problems.

Not only does it make no sense to appoint someone who has demonstrated his or her inability to deal with finances, but you must also realize that you are dangling a tempting carrot in front of someone who may see the estate as a way of relieving fierce financial pressures.

Click here to read this story. You will see just how easily someone can drain an estate, and how easily they can justify their own actions. I hope it will make even one person think twice before appointing an unsuitable son or daughter as their executor.

1 comment:

  1. This was an interesting update. Well, this situation happens most of the time and all things like these case should follow through legal means. Thanks for the nice post!

    ReplyDelete

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