Lawyers and wills and such.

[SZR48207]

Let's say a father were to create a will shortly before his passing, and in that will contained a massive secret to fortune that only the son should know AFTER the father has passed. (location of buried treasure)

Typically we see that the letter/video/instructions are left with the family lawyer, who is expected to pass on the message once the conditions of the will have been met.


What prevents that lawyer from using that information for himself? Couldn't he just get the secret treasure ahead of time and vanish off to an island?

 

[Linctex]

Originally Posted by Reddy45

What prevents that lawyer from using that information for himself?


How would he know it wasn't a test?

How would he know he is at NO RISK of getting disbarred for doing what he did?

That's a pretty big gamble.... You'd NEVER be allowed to practice law anywhere again.

 

[Wolf359]

Basically you risk flushing a few years of law school down the drain. Just doesn't make any sense. I suppose if it was enough money it might be worth it, but that's a hard number to quantify. If it's too much, it would be suspicious and even if you got away with it for a few years, if it came out at some point, you'd be disbarred and not have the money.

In theory it's easier for a small one man to get away with it, there's more controls at a larger firm.

It's kinda like what's to stop the stranger standing next to you at the train terminal from either stabbing you or pushing you onto the tracks?

 

[daves87rs]

Somehow I think they could figure out how to get it.....

I mean-how many folks would double check something like that....considering it is an odd request?

 

[Cujet]

I know of a situation that bears at least some similarity. Involving my late friend and his son.

A safe deposit box should have been employed to facilitate his wishes. Instead he thought buried treasure was safer.

What actually happened is rather ugly involving a bitter ex wife, the son and family members. At least half went missing immediately. One family member, who was rather destitute, suddenly was on vacation in Hawaii, Europe, and other locations.


The best advice I've ever received is to do everything financial in a conservative, conventional manner. No balloon mortgages, no credit card debt, no burying money, etc. Instead, use the best of what's conventional. Fixed rate 30 year mortgages, 0% car loans, accounts at a real bank, etc.

 

[BMWTurboDzl]

Originally Posted by Reddy45
Let's say a father were to create a will shortly before his passing, and in that will contained a massive secret to fortune that only the son should know AFTER the father has passed. (location of buried treasure)

Typically we see that the letter/video/instructions are left with the family lawyer, who is expected to pass on the message once the conditions of the will have been met.


What prevents that lawyer from using that information for himself? Couldn't he just get the secret treasure ahead of time and vanish off to an island?



Not really because the lawyer would also to have legally documented (ex, Power Of Attorney) access to the "treasure" unless of course you mean something physically buried out on the back 40. Now of course the lawyer could forge a POA but then it's still difficult because the asset still has to get transferred into the name of something else and most custodians of "treasure" aren't going to just willy-nilly believe some guy who shows up with a POA claiming to be an attorney close out accounts or something w/out contacting the borrower.

 

[BrocLuno]

If it's gold, it needs to be moved and converted to currency somehow. If it's diamonds, same. You walk into an diamond merchant with a baggie full of stones, there will be many questions ... If the lawyer just drops out, there will be many questions ...

Define "just disappear" ????

 

[StevieC]

Originally Posted by Reddy45
Let's say a father were to create a will shortly before his passing, and in that will contained a massive secret to fortune that only the son should know AFTER the father has passed. (location of buried treasure)

Typically we see that the letter/video/instructions are left with the family lawyer, who is expected to pass on the message once the conditions of the will have been met.


What prevents that lawyer from using that information for himself? Couldn't he just get the secret treasure ahead of time and vanish off to an island?

The father should put the directions in a safety deposit box at a bank and you give the key to the lawyer to give to the son upon the fathers death.
The father puts the son and your name as the only authorized people to open the safety deposit box, you can get double keyed boxes where the bank representative has to put in one key and the user has to put in one key.

This way if the lawyer shows up at the bank they aren't an authorized contact when they are asked for I.D. before allowing them to open the box.

 

[Job]

I think a will has to go through probate in court. There is no attorney yet afaik. To go to probate one needs the original signed will not a copy. That's why living trusts are made, bypasses probate.. A power of attorney should be filed at the county recorder. This is more for cases of illness where someone can't make decisions. That's what I remember when I did my trust.

 

[Vuflanovsky]

This scenario reminds me of a couple in Northern California who found a bag of Gold Rush-era gold coins that had been buried under a tree in metal boxes on their land and time was now making them known. If I remember correctly, the coins were worth several million and I believe they ended up paying the state-mandated treasure tax ( over 40% ) on their find because they told people what they found.

Any scenario like this would cause me to question why the "cloak and dagger" arrangement and not one that is more clandestinely planned out and not involving a lawyer or other parties. Although rare, there have been instances were the contents of safety deposit boxes have been sold and/or discovered in error. When my folks passed away, they had the typical POD/TOD and probate avoidance devices as part of the inheritance...but if if there was a family treasure secret, I don't think they would have approached this by making a video and giving it to a lawyer like something out of "Murder She Wrote".

 

[BMWTurboDzl]

Originally Posted by Vuflanovsky
This scenario reminds me of a couple in Northern California who found a bag of Gold Rush-era gold coins that had been buried under a tree in metal boxes on their land and time was now making them known. If I remember correctly, the coins were worth several million and I believe they ended up paying the state-mandated treasure tax ( over 40% ) on their find because they told people what they found.

Any scenario like this would cause me to question why the "cloak and dagger" arrangement and not one that is more clandestinely planned out and not involving a lawyer or other parties. Although rare, there have been instances were the contents of safety deposit boxes have been sold and/or discovered in error. When my folks passed away, they had the typical POD/TOD and probate avoidance devices as part of the inheritance...but if if there was a family treasure secret, I don't think they would have approached this by making a video and giving it to a lawyer like something out of "Murder She Wrote".



Reminds me of a story about Ted Binion (Nevada) and his 6 tonnes of silver buried in the desert.