You or a loved one may be made the victim of financial exploitation by the trickery, intimidation, or coercion of a perpetrator. Unfortunately, such financial abuse is also likely to occur if you or a loved one has reached a mental incapacity in which there is confusion when giving consent to a perpetrator for certain financial dealings. Rest assured, there are ways to protect your or your loved one’s hard-earned assets from being stolen in this manner. Follow along to find out the types of estate planning documents that may be utilized to protect from financial exploitation and how a proficient New York City estate planning attorney at Zimmet Law Group, P.C. can step in to offer extra protection.
What types of estate planning documents can help protect from financial exploitation?
First of all, if you have already established certain estate planning documents, it is in your best interest to locate them and then safely secure them. This is so it can be made almost impossible for a perpetrator of financial exploitation to get their hands on your last will and testament, the deeds to your real estate, the titles to your vehicles, etc. Further, they may be inhibited from changing the terms of your will, retitling your property, etc. without your cognizant consent.
In addition, it may be beneficial for you to add a revocable trust and a durable power of attorney to your estate planning portfolio. This is because these documents come with the following financial protections:
- With a revocable trust, you may:
- Transfer your assets to the ownership of the trust.
- Appoint a trustee to manage your assets within the trust.
- Access, control, and modify the trust throughout your lifetime.
- With a durable power of attorney, you may:
- Appoint an agent to make financial decisions on your behalf.
- Give directions on your expectations for how your financial matters are to be handled.
- Disclose specific capabilities that your agent is authorized and prohibited from taking.
In the case that you are helping to protect your loved one from financial exploitation, you may volunteer yourself as the trustee to their revocable trust and/or the agent to their durable power of attorney.
What should I do if a loved one or I am being made the victim of elder financial abuse?
Aside from establishing a comprehensive estate plan, there are other measures you may take to prevent financial exploitation. That is, if you or a loved one have been made the victim of elder financial abuse, you must immediately contact the New York State Adult Protective Services Helpline at 1-844-697-3505. This is in addition to immediately contacting an attorney.
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 talented New York City estate planning attorney. Contact Zimmet Law Group, P.C. today.
