You may still have all your mental faculties, but as you get older, you might worry that someday you will be unable to make financial decisions. What will happen then? At the Law Offices of Alice A. Salvo, we are prepared to answer the questions of California residents who are concerned about preserving their loved ones’ inheritance or protecting an elder from abuse.
As you age, you may become vulnerable to numerous cognitive or physical impairments that may make it difficult to manage your own affairs. Dementia, Alzheimer’s disease or other conditions may rob you of the ability to make informed decisions involving your finances. You could face the same difficulties if you unexpectedly suffer a traumatic brain injury or other accident that leaves you incapacitated.
Unfortunately, there are people who target vulnerable senior citizens or people whose faculties are compromised. According to the National Adult Protective Services Association, about one out of 20 seniors are victimized by financial abuse. You may be targeted by a scammer operating a sophisticated, complex fraud that is easy to be deceived by, or you could be coerced, tricked or threatened into signing over your will or control of your finances to a caregiver or financial professional.
If you are concerned you could be targeted in this way, you may consider speaking with your loved ones about signing over a power of attorney. This would give someone you trust the ability to make important decisions on your behalf if you become incapacitated, both to protect your interests and to preserve your estate. Our page on powers of attorney can explain more about your options.