The improper taking of estate assets is a significant source of estate litigation in Arkansas and it is very common. This discussion involves what happens if a family member takes control of assets of the estate before probate so as to misappropriate assets for their own benefit. This discussion DOES NOT contemplate a family member removing assets from the estate and securing them in a safe, secure location with a complete and thorough inventory of all assets removed for protection. These are two very different scenarios.
If a family member takes control of assets of the estate before probate so as to misappropriate assets for their own benefit or to otherwise negatively impact the other heirs, then the estate and the other heirs need to take action to stop further damage to the estate and work to regain those assets for the estate. Before probate is established, the handling of the estate and the estate assets can be a bit of a free for all because no one person has been granted the sole power to administer the estate and handle the assets (the Administrator/Executor/Executrix) and the Court does not yet have oversight as to the estate. As such, everyone is roughly on equal footing as far as authority is concerned. However, the family and all other heirs must work together to protect the estate and its assets from anyone who seeks to steal from the estate, who seeks to take it upon themselves to determine how things should be, or who otherwise has usurped control of the assets to the detriment of the other heirs. If someone has improperly taken over an estate or assets of your loved one, you need to act fast in order to prevent further damage by consulting with an estate attorney to get probate opened quickly so that someone can be appointed with the authority to take control of the estate.
An attorney can help you navigate the legal process by which the estate and the heirs can recover estate assets taken and hold those parties responsible. One part of that process will involve an investigation, subpoenaing information and documentation, and tracking that money and those assets in order to go after the person who stole estate assets to either get those assets back or, if that is not possible, to get that monetary value back from that person. It may also be necessary for the estate to enjoin or prohibit that particular person from further accessing or entering upon estate property. Recovering estate assets may involve a separate legal process through a conversion or replevin action formally filed against the responsible party. Time of the essence in these situations because the more time that goes by, the less likely it becomes to retrieve those estate assets.
Located in Batesville, Melbourne, and Heber Springs, Arkansas, and serving all of Arkansas, Reeves Law Firm stands ready to handle any civil, estate, family law, guardianship, personal injury, probate, or any other litigation matters that may arise.
Reeves Law Firm primarily serves Independence County (Batesville), Jackson County (Newport), Sharp County (Ash Flat, Highland, Cherokee Village), Lawrence County (Walnut Ridge), Cleburne County (Heber Springs, Greers Ferry, Fairfield Bay), Izard County (Melbourne), Stone County (Mountain View), White County (Searcy), and Baxter County (Mountain Home).
Give us a call in Batesville, Arkansas, at (870) 793-0021
Give us a call in Heber Springs, Arkansas, at (501) 302-8383
Give us a call in Melbourne, Arkansas, at (870) 291-9374
Lawyers in Arkansas – Expect Professional. Expect Results.