Beneficiary Designation Challenges
Protecting your rightful inheritance when beneficiary designations are fraudulently changed
Are you experiencing that a bad actor changes to a decedent's beneficiary designations?
Did Payable on Death Accounts (POD) get changed surreptitiously?
You may have a case if the decedent was unduly influenced or lacked capacity or the power of attorney (POA) exploited their position.
When a bad actor fraudulently changes beneficiary designations on accounts and policies, it can devastate your inheritance. These tortious interferences with inheritance affect not only the value of the estate but can result in the loss of millions of dollars.
Types of Accounts Affected by Beneficiary Changes
401K Accounts
Retirement accounts with designated beneficiaries
IRA Accounts
Individual Retirement Accounts with beneficiary designations
Brokerage Accounts
Investment accounts with POD designations
CD's
Certificates of Deposit with transfer on death provisions
Bank Accounts
Bank accounts with Payable on Death (POD) designations
Annuities & Life Insurance
Policies with named beneficiary designations
The Scope of Potential Damage
The damage from the exploitation of a bad actor can affect Millions of Dollars. In many cases, the changing of POD account beneficiaries can result in greater financial loss than the damage caused by changing a will.
These valuable accounts often contain substantial assets that rightfully belong to the true heirs or prior beneficiaries named by the decedent. Acting quickly is critical to prevent the wrongdoer from absconding with these funds.
Legal Grounds for Challenge
Undue Influence
Someone exercised improper pressure or coercion over the decedent, causing them to change beneficiary designations against their true wishes.
Lack of Capacity
The decedent lacked the mental capacity to understand the nature and consequences of changing beneficiary designations at the time the change was made.
Power of Attorney Abuse
A holder of a power of attorney exploited their position to fraudulently change beneficiary designations for personal gain.
Fraud or Forgery
The beneficiary designation change was procured through fraud, misrepresentation, or the decedent's signature was forged.
Who Has Legal Standing to Challenge?
North Carolina law recognizes the right to challenge fraudulent beneficiary designation changes if you:
- Were named as a beneficiary in a prior beneficiary designation
- Would inherit the account via the decedent's will
- Had a reasonable expectation of inheriting the account based on prior designations
- Are an heir who would benefit if the fraudulent change is voided
Why You Must Act Quickly
Delay is not good. Time is critical when fraudulent beneficiary changes have been made. The longer you wait, the greater the risk that the wrongdoer will abscond with the funds or move the money beyond recovery.
Immediate Investigation
Early action allows us to secure evidence and identify what happened before records are destroyed.
Preserve Assets
We can seek emergency relief and asset preservation orders to prevent the wrongdoer from dissipating funds.
Our Experience
For over two decades, we have handled these types of beneficiary designation challenge cases along with our will caveat cases and trust disputes. We understand the complexity of these matters and the serious financial stakes involved.
Call a legal team with experience, know how, and tenacity. We're that team.
Protect Your Inheritance
If you believe beneficiary designations have been fraudulently changed, don't wait. Contact us today for a confidential consultation to discuss your options and protect your rights.