A Long Island fraudulent asset transfer occurs when an estate asset is transferred under a deceptive or fraudulent basis. A fraudulent asset transfer involves assets such as cash in bank accounts or other financial accounts, stocks, bonds or other investment accounts, real property and other assets. When a personal representative, beneficiary or other interested party to a Long Island estate suspects that estate assets have been fraudulently transferred, they will usually hire a Long Island estate and litigation attorney to try and get the asset returned to the estate and the beneficiaries.
A Long Island estate and litigation attorney will be able to review the asset transfer in question to determine if in fact there has been any fraud committed in connection with the transfer and advise the personal representative, beneficiary or other interested party of the necessary steps that need to be taken next.
Examples of Fraudulent Asset Transfers
The following are examples of fraudulent asset transfers:
• When a maker of a will is under undue influence, duress or coercion. A will contest matter may be brought before the Nassau County or Suffolk County Surrogate’s Court to contest the validity of the will.
• Bad financial decisions made by the fiduciary/personal representative of a Long Island estate which caused the estate financial losses such as selling an asset for substantially less than its market value. An accounting challenge may be made by the beneficiaries or other interested party to the estate with the Surrogate’s Court.
• Personal representative transfers cash from the estate checking account to the personal representative’s own checking account.
• The signature of the maker of a will or trust is found to be a forgery.
• A caregiver or other family member tricked the decedent into signing over the deed to the decedent’s house.
Getting Assets Returned to the Estate
A beneficiary, personal representative or other interested party to a Long Island estate can file a lawsuit with the Nassau or Suffolk County Surrogate’s Court asking the court to order that the person who fraudulently obtained a Long Island estate asset to return it the estate or the beneficiaries or pay them monetary restitution for the value of the asset. Since fraudulent asset transfers are complicated and create a lot of emotional tension and stress for the decedent’s family and heirs, most family members will hire a Long Island estate and litigation attorney to help them recover the assets and to represent them in court or to help defend against an estate litigation action.
If you wish to speak to a Long Island estate attorney, call the Law Offices of Albert Gurevich at (516) 777-0647.