Legal Question in Wills and Trusts in Nebraska

embezzelment

my brother and I inherited a corporation that included some properities. A single family home and a small apartmrnt building. He represented himself as executor of the estate that bequethed these properties under the coporation. He has not provided me with any financial information regarding the properties other than to present me with tax,insurance and legal bills. The joint bank account we had set up for the corporation has not had any income go through it since at least jan 2008. He has had his daughter living in the single family home rent free for 20 months. Does this fall under the title of embezzlement? What is my recourse?


Asked on 10/05/08, 12:46 am

1 Answer from Attorneys
Monte Schatz Attorney at law

Re: embezzelment

The broader terminology would be "breach of fiduciary duty" that can encompass several areas. Misappropriation of funds, failure to account, failure to provide a court accounting, etc.

You have not indicated if a probate was opened for the estate. I am somewhat surprised this has not occurred. I assume the corporation was owned 100% by the decedent? You should have a clearly defined ownership interest based on the number of shares or percentage of the corporation bequeathed to you.

You definitely need to retain the services of an attorney and determine the following:

1. Breach of fiduciary duty of your brother (if, he is in fact, the executor/personal representative of the estate).

2. Breach of fiduciary duty in his capacity of the corporation.

3. Possible criminal charges (be careful with this).

Do not attempt to resolve this on you own. Retain an attorney to investigate this matter and force an accounting of what your brother has done with corporate and estate assets.

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Answered on 10/06/08, 10:34 am


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