What Happens When a Florida Estate Is Missing Assets?

Missing assets can make the Estate administration process more complicated. It can create additional legal and financial challenges. Whether assets are missing due to simple oversight or intentional wrongdoing, talking to a Pompano Beach estate litigation lawyer as soon as you have concerns is advised. Understanding how Florida courts handle these cases is crucial for heirs and personal representatives.

Why Do Estate Assets Go Missing?

There are several reasons why an Estate might have missing assets, and not all of them involve fraud or misconduct. Common explanations include:

• Poor records. If a decedent did not maintain organized financial records, it can be difficult for the Personal Representative to locate all of their assets. This could be because there are forgotten bank accounts, misplaced real estate deeds, or unrecorded investments that were ignored or overlooked.
• Outdated designations. Insurance policies, retirement accounts, and payable-on-death accounts may have beneficiaries that were never updated, leading to confusion over ownership.
• Transferred or gifted assets. In some cases, a person gave away property before their death, but when they made this decision they failed to document it properly, leading to heirs believing assets are missing.
• Fraud or theft. Unfortunately, there are instances where a Trustee, Personal Representative, or even a family member intentionally conceals or misappropriates assets. This can include draining bank accounts, transferring real estate unlawfully, or hiding valuable possessions.

For example, there was a recent Florida case involving undisclosed bank accounts. What happened was the family discovered the Decedent had multiple bank accounts in different states that were never reported. The Personal Representative had to work with financial institutions and the Court to recover these funds.

In another case, a beneficiary noticed discrepancies in financial records and hired an attorney to investigate. It was revealed that a trustee had siphoned off assets, resulting in a lawsuit to recover the stolen funds.

How Do Florida Courts Handle Disputes?

If beneficiaries suspect assets are missing from an Estate, they have the right to challenge the administration process. Florida courts will address these disputes.

The beneficiaries may discover a more detailed inventory of assets. Then, an investigation into why those discrepancies occurred can move forward. Attorneys can request financial records, real estate documents, and transaction histories to track down missing property, too. As this process unfolds, if a Personal Representative, Trustee, or another party is found guilty of concealing or misusing assets, they may be removed from their role and held financially accountable.

When you have concerns, know that a skilled Pompano Beach estate litigation lawyer can help locate and recover missing assets by conducting investigations, filing legal motions, and advocating for rightful heirs. If you suspect missing assets, seeking legal counsel early can make all the difference in securing a fair inheritance.

Should you talk to an estate attorney? The legal professionals at Mark R. Manceri, P.A. have the background and expertise to protect your rights and recover what is rightfully yours. Schedule a confidential consultation today.