Peatrice L. Alston wanted to take care of her three children after she was gone, so she named them as beneficiaries of her life insurance policy. More than $150,000 went to the children when their mother was gunned down by her estranged boyfriend.
But when a lawyer was assigned to take over the management of those accounts, she found the inheritance had dwindled to a mere $6.50.
An insurance company alleged that the Wake County clerk's office failed to notice that most of the children's money had been spent by their caretakers and grandparents.
Guardianship bonds that would be worth $67,000 each once they matured were put into each child's trust account. Maternal grandparents Benjamin and Lucy Massenburg took the two young girls and boy into their home and also began handling the trust accounts under the intended oversight of the Wake County Clerk of Court.
The Hartford Fire Insurance Co., which had to replace most of the diverted funds, sued the Office of the Wake County Clerk of Superior Court to recoup more than $110,000 in losses.
The lawsuit accused an assistant clerk of failing to make sure the money was being handled properly by the Massenburgs.
Full Article and Source:
Draining of kids' fund spurs suit
But when a lawyer was assigned to take over the management of those accounts, she found the inheritance had dwindled to a mere $6.50.
An insurance company alleged that the Wake County clerk's office failed to notice that most of the children's money had been spent by their caretakers and grandparents.
Guardianship bonds that would be worth $67,000 each once they matured were put into each child's trust account. Maternal grandparents Benjamin and Lucy Massenburg took the two young girls and boy into their home and also began handling the trust accounts under the intended oversight of the Wake County Clerk of Court.
The Hartford Fire Insurance Co., which had to replace most of the diverted funds, sued the Office of the Wake County Clerk of Superior Court to recoup more than $110,000 in losses.
The lawsuit accused an assistant clerk of failing to make sure the money was being handled properly by the Massenburgs.
Full Article and Source:
Draining of kids' fund spurs suit
3 comments:
This is how the probate racket operates. Parasites see a buck and they stomp all over each other for a piece of the action.
If there wasn't a lawsuit, we would not be reading about this case - would we?
Until there is a lawsuit, the situation goes unreported - in effect it didn't happen.
Anyone have any guesses how often this type of theft occurs?
Yes,this is exactly how it operates -- a sad example of the cost of claimed "protection".
It seems all the money is gone before anyone takes notice. We know from our own experiences that victims shout and are ignored until it's too late.
Same thing here. Not until the money's all gone does the court take a look at it and then react with an "oops".
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