When you think of estate planning what do you think about? We think about people making sure their affairs or in order so they will have someone to take care of them and their assets in case they become physically or mentally impaired. In case a person does become unable to care for themselves or manage their own assets, creating an estate plan will ensure that everything goes as you wish.
As we know, unfortunately, the elder adults are targeted more when it comes to financial abuse. Even the people you trust the most can take advantage of you, especially if they have been granted power in one of your estate planning documents.
Having a Power of Attorney can lower the chances that elder abuse will happen if you have chosen a person you truly trust. The Power of Attorney will be able to make all the decisions that will impact you personally, and the person will also be able to manage your financial affairs.
Unfortunately, having a Power of Attorney can also lead to abuse if the document is not clear or if there have been powers granted that you did not wish to give. Some of those powers include the Power of Attorney being able to give himself or herself some of your assets or finances. Another improper power could be having you admitted to a facility because of your impairment.
It is important to carefully consider the people you entrust with your assets and your personal care. If you need assistance in creating your estate planning documents so you will not be a victim of financial abuse, contact us today.