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Protecting Your Legacy

Probate litigation involves investors looking for payment

| Dec 2, 2019 | Probate Litigation |

After a person’s passing, his or her final affairs need to be handled. In some cases, this process can be complicated, especially if claims come against the estate. Probate litigation can result if creditors or other parties feel that they are owed something from the estate that does not appear to be forthcoming.

Texas readers may be interested in a lawsuit currently underway in another state. According to reports, the lawsuit comes from a group of individuals claiming that the decedent stole over $10 million from them after they made investments with him. The man apparently died without a will and had over $200 million in debt at the time of his passing. His family did not want to conduct an inventory of his estate because they believed that it would cost more than the remaining assets of the estate.

The plaintiffs hope that a judge will appoint an administrator to conduct a review of the estate to determine whether any remaining assets could be given to the affected individuals. The investors reportedly believed that the man would put their money into a safe treasury bond fund, but he instead purportedly invested it into risky real estate deals without their consent. As a result, they were unable to cash out their investments.

When individuals are owed money, they may think they are out of options if the debtor passes away. However, as this case shows, probate litigation may help creditors seek the funds from the remaining estate. This can be a complicated endeavor, but for some Texas residents, it may be worth it.