How Can Rules About Estate Planning Protect Vulnerable Adults?
When you make an estate plan, you can put rules into place that protect assets and make it harder for people with ill intentions to get to them. Many estate planning tools can help you spread out assets and make it more difficult for scammers to get a full appraisal of someone’s resources.
In some cases, rules about certain estate planning tools can also protect vulnerable adults by not leaving them in charge of their own assets any longer. If someone else is in charge of an older person’s estate, that means that there is one more person that a potential scam artist needs to go through in order to get their prize. If there are more obstacles than expected between them and their money, most scammers are going to try and find other prey.
What Kinds of Estate Planning Tools Can Protect Vulnerable Adults?
When you visit an estate planning lawyer, your loved ones can make a plan for what they want to happen to their assets and they can take steps to protect their estate in the meantime. If they are getting older and could be targeted by scammers, it could be wise for them to place assets in a trust. They would assign another person, a trustee, to be in charge of the trust. If they want to withdraw money and it could be a scam, the trustee can put a stop to it and prevent your loved one from being taken advantage of.
An estate lawyer can also help someone give their power of attorney to someone else. When you give away financial power of attorney, you are allowing someone else to make financial decisions for you. As long as a trustworthy person is chosen, they can help ensure that their loved ones are not taken advantage of.
Do I Need a Lawyer?
A lawyer’s help can be invaluable when you are making an estate plan for a loved one. There are many laws and rules governing things like trusts and wills. You want to be sure that everything is legally binding. Otherwise, your loved one’s beneficiaries might have to deal with probate court and other headaches after they pass away.
Contact Our Law Firm
If you want to be sure that your loved ones will be safe from scams and exploitation, contact Herting Law, PLLC. We can tell you more about our estate planning services and how they can help people protect themselves and their assets.
