It’s a sad fact of life that the very people who loved and protected you when you were most vulnerable eventually become vulnerable themselves. Protecting them from elder abuse becomes your responsibility.

Unscrupulous people look to take advantage of older adults. Scammers, caregivers, and even family members use deception, undue influence, and theft to deprive senior citizens of their hard-earned assets, leaving them afraid, alone, and destitute.

The good news is that there are several strong legal tools that you can use to help protect your loved ones and ensure their financial security during their golden years.

Create a Durable Power of Attorney

Appoint someone trustworthy as a Durable Power of Attorney (POA). A POA gives them the legal authority to manage your loved one’s financial matters if they become incapacitated.

To ensure transparency and prevent misuse, consider requiring regular financial reports or appointing co-agents.

Use Direct Deposit and Automatic Payments

Consider setting up direct deposit for Social Security or other checks and automatic bill pay. These actions can protect a senior citizen from theft, lost mail, or some other interference. 

Even small steps can reduce others’ opportunities to tamper with your loved one’s financial affairs.

Set Up a Revocable Living Trust

A revocable living trust is another tool to protect vulnerable family members from abuse. Your loved one will still have control over their assets with a safety net in place if they can no longer manage their finances. A successor trustee or co-trustees can step in if needed.

A trust serves a dual purpose. Not only does it add oversight, but it also helps the family avoid probate, a public legal process that can provide an opportunity for exploitation.

Be Cautious with Joint Bank Accounts

Joint bank accounts can be convenient, but they also expose an older adult’s assets to abuse. Funds in a joint account legally belong to both parties so that either owner can withdraw them without the other’s permission. 

A better option is convenience accounts, where a helper can write checks and assist with transactions, but does not own the funds.

A Conservatorship May Be Necessary

If your elderly loved one is being financially exploited or can no longer make sound decisions, you may need to petition the court for a conservatorship. A court-appointed conservator is given legal control over the older adult’s finances. The court will supervise the conservator, which adds an additional layer of protection.

It’s important to note that petitioning for a conservatorship is a serious step and should only be used when other options are insufficient.

Ensure Estate Planning Documents are Current

An up-to-date estate plan should include a will, trust, and powers of attorney. These legal documents clearly identify who is authorized to manage your older loved one’s financial and health decisions. 

Review these documents regularly and keep them in a safe place. Remove anyone who does not serve your loved one’s best interest to reduce the risk of exploitation.

Work with LPEP Law to Keep Your Loved One Safe

Our knowledgeable attorneys at Lonich Patton Ehrlich Policastri can help you create the legal documents you need to protect your vulnerable family members from abuse. We can also assist you with petitioning for conservatorship if necessary.

Contact us at (408) 553-0801 to schedule your free consultation. With our help, you can rest assured that your elderly family member’s assets and dignity will be protected.

 

Disclaimer: This article does not constitute a guarantee, warranty, or prediction regarding the outcome of your legal matter.