Personal Finance

Locked: Realistically, how much legal trouble can I get into by stealing an estate?

  • Last Updated:
  • Jun 26th, 2016 10:49 pm
Deal Addict
May 15, 2013
2048 posts
636 upvotes
Alberta
GrandePike wrote: Lol...this is one of the better troll threads lately 4 out of 5 stars
It's a valid question.
Deal Addict
Mar 1, 2016
1092 posts
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toronto
Curious, do you expect to be named executor of the estate? If yes what will you do when you find out that someone took funds out after death?
Deal Expert
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Aug 2, 2010
15196 posts
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Here 'n There
tempre2016 wrote: Family structure

Mother: widowed, my sister and I are her only 2 kids, both of us are single, and expect to continue to be single forever.

There is one bank in Canada--HSBC that has electronic money transfer capabilities that would enable theft on the scale of hundreds of thousands of dollars per day. Mother gave both of us access to the bank account by telling us the online banking and security device PINs.

If Mother dies (without a will, of course), and I go ahead and transfer 50% of the account to my own account, and the remaining to my sister's account, and we split the tax bill on April 30 of the year after her death, and keep our mouths shut, can any of us get into trouble and be charged for theft/fraud over $5 000? Would the bankers suspect anything?

The purpose of this crime is to

1. Avoid estate administration tax

2. Shorten the amount of time that estate settlement would take, from 2 years, to instantaneous
You'll get caught for sure and be fined, perhaps get a criminal record. On top of that what kind of person are you that you want to cheat us fellow taxpayers? We pay more because of criminals like you you know!

Also, it don't take 2 yrs to settle an estate. I settled one in 4 mos just now.
Deal Fanatic
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Apr 11, 2008
5754 posts
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I am confused. Why not just gift the money before she dies?
Deal Addict
May 12, 2014
3487 posts
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Montreal
tempre2016 wrote: If Mother dies (without a will, of course),
Why is there no will? Wouldn't you want a will in place, "just in case"? It would at least prove that the money would have been yours in the end which would help in your defence if you are investigated.

The thing is that for such a large and unusual transfer (in relation to this account's history), it might trigger the bank's fraud warning systems. Then they'll try to call your mother. When they can't reach her, and find out that she's dead, they might hand over the file to the police.

Even if what you did isn't illegal, and even if you are found not guilty, just going through an investigation can be a long, expensive and stressful affair. Not to mention that they might freeze the funds until the investigation is done (months? years?).
Deal Expert
User avatar
Jan 27, 2004
52937 posts
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ONTARIO
I suspect the OP just wants to liquidate everything before someone finds her secret will, or husband... Or maybe there is a common law husband around... Or there are a bunch of nieces and nephews (maybe grand kids or grand nieces/nephews) who the mom really wanted to give the money to.
Sr. Member
Mar 3, 2015
699 posts
95 upvotes
Scarborough, ON
tempre2016 wrote: Family structure

Mother: widowed, my sister and I are her only 2 kids, both of us are single, and expect to continue to be single forever.

There is one bank in Canada--HSBC that has electronic money transfer capabilities that would enable theft on the scale of hundreds of thousands of dollars per day. Mother gave both of us access to the bank account by telling us the online banking and security device PINs.

If Mother dies (without a will, of course), and I go ahead and transfer 50% of the account to my own account, and the remaining to my sister's account, and we split the tax bill on April 30 of the year after her death, and keep our mouths shut, can any of us get into trouble and be charged for theft/fraud over $5 000? Would the bankers suspect anything?

The purpose of this crime is to

1. Avoid estate administration tax

2. Shorten the amount of time that estate settlement would take, from 2 years, to instantaneous
Single forever?
Something serious is wrong, I would get help asap!!
Deal Addict
May 28, 2007
1851 posts
1300 upvotes
tempre2016 wrote: But I basically want to have my cake and eat it too, so what am I supposed to do (I want a 33%/33%/33% type split if possible for a triple-name joint account by way of gifts, and avoid probate). Should I set up single name accounts for myself, my sister, and then a joint account with 3 names, and for those 3 accounts to have the exact same amount of money and investments, and just say that mom gave me hundreds of thousands to invest?

EDIT: of course, there is always one solution--if my mother doesn't suddenly die. If we know she would be dying soon (that would be, a terminal illness that does not impact her mental functions), we can always ask her to just "hand over everything".
You sound like an entitled millennial. Shouldn't you be spending more time with your mother if she's sick instead of drooling over her money. I would ASK her to draw up a will to avoid headaches. Unless you think she'll leave it all to charity because she can see how you really are, so you want to move it all now. :-0
Temp. Banned
Aug 7, 2011
6623 posts
998 upvotes
Vaughan
CdnRealEstateGuy, you around?

This thread is gold. I nominate it for thread of the year.

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