How Estate Planning Can Help Prevent Elder Abuse

Elder abuse can happen to anyone and often involves someone the elderly person trusts, such as a family member, caregiver, or financial advisor. Elder abuse is a serious issue that can take many forms, including physical, emotional, financial, and neglect.

How Does Estate Planning Help Prevent Elder Abuse?

Estate planning outlines how a person's affairs will be handled if they become unable to manage them. Proper estate planning can prevent elder abuse by clearly specifying the elder’s wishes and appointing trustworthy individuals to manage their affairs.

Creating a Durable Power of Attorney

A durable power of attorney (POA) allows an elderly person to appoint someone they trust to make financial decisions on their behalf if they become incapacitated. Their finances will be managed responsibly and according to their wishes. It’s important to choose an agent who is reliable and trustworthy to prevent financial abuse.

Establishing a Health Care Proxy

A health care proxy, also known as a medical power of attorney, appoints someone to make medical decisions for the elderly person if they are unable to do so. This can prevent emotional abuse and neglect so that their medical needs and preferences are respected and that they receive proper care.

Setting Up a Revocable Living Trust

A revocable living trust allows an elderly person to place their assets into a trust, managed by a trustee they select. The trustee is legally obligated to manage the assets according to the terms of the trust, reducing the risk of financial abuse.

Creating a Will

A will specifies how an elderly person’s assets should be distributed after their death. By clearly outlining their wishes, a will can prevent disputes among family members and reduce the risk of financial abuse.

To help prevent elder abuse, you can use legal protection like court oversight and regular monitoring. Court oversight means appointing a guardian or conservator to manage the elderly person’s affairs, making sure their needs are met and assets protected. Monitoring involves regularly checking their financial and medical affairs and having a system to report any concerns, which helps detect and prevent abuse.

For more information, contact our office at Askew & Associates, P.A. by calling 954-546-2699.

Disclaimer: this blog post is not intended to be legal advice. We highly recommend speaking to an attorney if you have any legal concerns.