How many people do you truly trust with your money? The temptation of holding large sums of money that belong to someone else must be great... so it would be wise to set up your estate in a way that allows you to choose who that person will be after your passing.
I would think if that person is offering, perhaps your internal red flags might go up!!!
A judge sentenced an estate administrator to seven years in prison for misusing assets, according to the Richmond Times-Dispatch in "Charlottesville businessman gets 7 years for defrauding best friend's widow out of $32 million."
When Victor M. Dandridge III's best friend passed away in 2005, he offered to take care of the estate for the widow, Lynne Kinder. Dandridge promised her that he would invest her late husband’s assets conservatively for her.
Instead, he took millions of dollars out of the accounts and used them to invest in his own failing businesses.
Dandridge claims he always meant to pay her back, when his businesses got better and he had the money. (I'm sure.)
The broad powers and often limited oversight estate administrators are given, makes it possible for them to take estate assets for their own use.
Since courts cannot micromanage everything, the beneficiaries of estates need to be diligent.
If you suspect something improper is happening, you should seek the assistance of independent counsel immediately!
Best way to avoid this altogether? Get your estate plan in order! :)