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Elder financial abuse and estate plans

| Oct 6, 2018 | Estate And Probate Litigation |

If you have an aging parent in Washington State, you may well have to be making plans to help ensure they are properly cared for. This care can include many things from activities of daily living to ensuring their affairs are in good order. Even a relatively healthy parent should have a solid estate plan in place and review it regularly. This can help you and other heirs when they do eventually die. 

Unfortunately, many older people can fall victim to financial abuse or exploitation and this can take many forms. As explained by the National Adult Protective Services Association, the experience of elder financial exploitation has been on the rise in the past 10 years. To make matters worse, it is believed that relatives or other trusted advisors are frequently the perpetrators of this type of elder abuse.

Elder financial abuse may be evidenced when one person gains access to the older person’s finances. They may accomplish this by having the older person sign a Power of Attorney granting them access to their assets. It may also happen when a caretaker gets a senior to sign a will that identifies them as the beneficiary. These are just some situations that may lead to litigation or disputes after a person dies.

If you would like to learn more about elder financial abuse and how to protect you and your family members from this or how to get help if you believe a loved one’s estate plans have been compromised through exploitation, please feel free to visit the family legacy planning page of our Washington State estate litigation website.