This guest post is from Rachel Glines, Regent Law 2L, fall 2020 Wills, Trusts & Estates student, and current Family Law student :
We have all heard stories about scammers and strangers taking advantage of senior citizens. This is a serious problem in the United States. According to the National Council on Aging, about 1 in 10 Americans, over the age of 60, have experienced elder abuse. Further, it is estimated that 5 million seniors suffer from some type of abuse each year. Unfortunately, only about 1 in 14 cases are reported to the authorities so that estimate could be much higher. Specifically, seniors are more susceptible to financial exploitation. Given this prevalent issue, how can families protect their loved ones? A properly executed estate plan is an excellent way to help prevent financial exploitation during a senior’s lifetime!
One
way to do this is by creating a revocable trust. A revocable trust provides for
the management and distribution of the Settlor’s (the senior’s) assets during his
or her lifetime and upon death. When creating this trust, the Settlor transfers
his or her assets to the trust. The Settlor can also select people to act as
Trustees and Co-Trustees to help assist with the management of the trust. The
Trustees and Co-Trustees are the only people who may distribute and handle the
trust assets. According
to estate planning experts, by creating this trust, “the ability for a third-party
stranger to take advantage of an elderly grandparent or parent decreases”
because the trust makes it more difficult for these people to access the assets
of your loved ones.
Protect
your family from elder abuse with preventative estate planning.
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