You would hope that your elder is surrounded by caregivers and family members who want nothing but to protect them. However, you still must actively serve as their eyes and ears to ensure that nobody in their life is taking advantage of their vulnerability. What’s more, it may be best if you help them execute certain estate planning documents. Read on to discover how you might be able to help a financially vulnerable adult create an estate plan and how a seasoned Broward County estate lawyer at The Probate Lawyers can also step in for any necessary assistance.
What are the characteristics of a vulnerable adult who may be made a victim of financial exploitation?
You may not want to view your elder as someone who can be easily taken advantage of. But you must recognize that the elderly community as a whole is one of the most prevalent communities to get financially exploited. With that being said, you must identify whether your elder exhibits characteristics of a vulnerable adult that may make them susceptible to financial abuse. More specific examples of such characteristics read as follows:
- Your elder who identifies as female may be made a target for perpetrators of financial exploitation.
- Your elder who is over the age of 65 may be made a target for perpetrators of financial exploitation.
- Your elder who is widowed and lives alone may be made a target for perpetrators of financial exploitation.
- Your elder who tends to avoid social interactions may be made a target for perpetrators of financial exploitation.
- Your elder who suffers from cognitive incapacities may be made a target for perpetrators of financial exploitation.
In what ways can I help a financially vulnerable adult create an estate plan?
Your elder may be at a stage in their life in which they are at the mercy of others for their financial and legal affairs. In this case, allow yourself to be the one who they can truly depend on.
For one, you may assist them in establishing a financial power of attorney. This is an estate planning tool in which a trusted individual (i.e., an agent) becomes legally authorized to make financial decisions on your elder’s behalf. Further, you may volunteer yourself to be appointed as the agent. With this role, you may help your elder with the following responsibilities:
- You may file your elder’s taxes.
- You may sell your elder’s property.
- You may pay your elder’s credit card bills.
- You may manage your elder’s bank accounts.
- You may sign your elder’s checks and other financial documents.
This is not to mention the additional benefits that a revocable trust may afford your elder. You must not stand idly by if you believe that you or a loved one is being financially exploited. Rather, you must retain the services of a competent Broward County estate lawyer. Contact The Probate Lawyers today.
