Remember when you were a kid, the fairytale of a wicked stepmother and stepsisters that tortured Cinderella? An article out of the United Kingdom catalogues the tale of a real life Cinderella who had her inheritance stolen by a stepsister. Could this happen to you and your parent’s Palm Beach Estate and Delray Beach house? Take a look at what happened here to ensure it never happens to your family!
Real Life Cinderella: £120,000 stolen or approximately $190 thousand!
- A young woman lost her father when she was only 19 after he tragically fell 30 ft. from some scaffolding.
- The man left behind five daughters but no will.
- Just 19 at the time the young woman turned to her older half sisters in their 30’s for support and estate matter advice.
- The two older sisters from a previous marriage did the unthinkable.
- They cashed out the £120,000 life insurance policy and kept it all!
- All five children were named as beneficiaries on the policy.
- In other words what was supposed to be £24,000 for each kid turned into a lump sum for the eldest two.
- What could the woman do?
- She contacted police but since her sisters were named as beneficiaries she was told that this was not a criminal but rather a civil matter.
- The children could not afford an attorney.
- What next?
- What could they have done to prevent this?
Non-Probate Property
- Things like life insurance proceeds are non-probate property, which means they pass outside of the probate court’s supervision.
- Does that mean you cannot protect against fraud?
- Have you considered making the beneficiary a trust?
- What if you made the beneficiary your own estate?
- Also what about probate property?
Intestacy Succession
- Experienced Palm Beach probate litigators know the dying intestate was the first problem for the family.
- Wills and estate documents do not need be drawn up when you are getting ready to go to your Jupiter retirement villa.
- These testamentary documents should be drawn up early and regularly updated to avoid intestate succession of property to relatives.