Older adults are at risk of losing resources due to their own struggles. They are also vulnerable to the financial abuses of others. Family members and even professional caregivers may engage in conduct that deprives an older adult of their financial independence and unfairly diminishes their personal holdings.
It is possible for people with valuable personal resources to plan in advance to protect themselves from financial abuse. One powerful estate planning document can prove to be particularly beneficial for those concerned about incapacitation as they age.
People can select their own caregivers
Frequently, older adults dealing with cognitive decline or diagnosed with dementia become reliant on others. Anyone in their inner circle or even a professional caregiver might petition the courts to assume legal authority over an individual who can no longer live independently. The person appointed may abuse their authority for personal gain.
Instead of hoping that a trustworthy person seeks legal authority if an individual’s health declines, planning for that possibility well in advance is often the better option. Adults have the option of drafting durable powers of attorney before they lose their testamentary capacity.
They can select someone they trust to manage their personal affairs. If they experience medical complications later in life, the agent they designated in their durable power of attorney paperwork can assume authority.
When there is a healthy, competent person managing an older adult’s assets, they are less vulnerable to financial abuse and other sources of economic hardship. People who recognize that their resources could incentivize others to engage in misconduct can take proactive steps to protect themselves, their property and their legacy.
Expanding an estate plan to include living documents is often a smart decision. Durable powers of attorney are valuable for those concerned about decline as they age.
Subscribe To This Blog’s Feed