What happens to me if I use funds out of the estate account for personal use?

Business Questions 5 views 2 answers
I took funds out of the estate account and put them in my personal account. What will happen to me?

Attorney Answers

2
Brook Wood ·
First, let me caution you against posting what essentially amount to admissions of wrong-doing on public forums like . There is no attorney-client privilege or expectation of privacy for this type of Q&A site. Questions like this really should be addressed privately with your own attorney. Now, with respect to my colleague who already answered your question, while what you did was certainly wrong, not all of those things have to play out as he says. What will happen to you depends on whether or not you are able to put the money back, whether the money was commingled ignorantly (i.e., the importance of keeping personal and estate property separate wasn't explained to you in a way you understood until later), whether the motive was nefarious (i.e., you intended to steal the money and are now having second thoughts). whether you disclose this issue to the court or attempt to conceal it, whether (if you did intend to do wrong) you offer to resign as personal representative in favor of another heir or beneficiary, etc. Bottom line, you need to consult with an attorney ASAP. If you do not have an attorney, you should find one. Most attorneys offer free or reduced-cost initial consultations with no further obligation unless and until you hire them to perform some legal service. Try clicking "Find a lawyer" above. Good luck and don't forget to select a "Best answer." It really helps us attorneys out.
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Larry Couture ·
If you are discovered you will be removed from your position as executor, have to repay the money to the estate yourself or through your bond who will then come after you. In addition, since you have stolen money from the estate you have committed a crime and can be charged with a felony. Other than that, not much can happen to you.
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