How can wealthy families protect an estate from fraud?
Short answer: Require another person to witness will changes, review checkbooks and checks, and keep employees from writing checks.
A speaker on Richard C. Wilson's channel shares estate fraud cases and safeguards she recommends.
Require a witness for will changes
She says she has a document requiring an approved person, such as her sister, brother or lawyer, to witness any change to her will. She recommends this safeguard against pressure on an elderly person or an unscrupulous caretaker.
Review checkbooks for unexplained expenses
She recommends having someone else review an elderly relative's checkbook. She describes a sympathy scam in which gradual requests for money added up to $1.5 million, discovered by lawyers handling the woman's estate.
Keep employees from writing checks
She says not to give employees check-writing privileges, regardless of trust. She recommends having someone look over the checks.
Limit personal digital exposure
She says personal addresses and phone numbers could be found for sale online. After receiving a phone with a new identity, she shut down her iPhone, iPad, laptop and desktop.
"no matter how much you trust do not give employees check writing privileges"
From Richard's exclusive Billionaires.com interviews
Lessons from Richard C. Wilson's one-on-one interviews, as published on each interview page.
- Binod K. Chaudhary: Never chase a deal out of desperation. Stay cool and look at every part of the deal. Have your advisers and your finance team review it critically. Your counsel should review it too.
- Igor Olenicoff: Work hard and save. The family arrived with very little. They knew it would take hard work and saving money to succeed.
- Anu Aga: Focus on one main cause. Her family found its giving more satisfying and impactful once it chose primary education for the underprivileged in India.
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Frequently asked questions
How can wealthy families protect an estate from fraud?
Require another person to witness will changes, review checkbooks and checks, and keep employees from writing checks.
Sources
Quotes are copied from the video captions and checked against the transcript. Timestamps link to the moment in the video. General information only, not legal, tax or investment advice.