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Consider a power of attorney to protect you from financial abuse

Like many Ohio residents, you have stayed up to date on your estate planning and you feel secure knowing that your wishes will be carried out upon your death. However, as we at King, Koligian & Associates, LLC, are aware, a portion of your estate planning should include managing your affairs during your golden years. Your mind may be sharp now, but nothing will guarantee that you don’t develop an age-related cognitive disorder or suffer from an accident or illness that leaves you incapacitated. Any of these situations may result in you being taken advantage of financially.

This scenario occurs more often than you would like to think. As the National Adult Protective Services Association explains, about one in 20 senior citizens in America become victims of financial scams and abusive practices. What kind of con could be complex enough to trick you, you wonder? After all, you are savvy to many of the common scams going around, such as the IRS phone calls falsely informing you that you face jail time if you do not pay.

Many scams aimed at the elderly and anyone else who might fall for them involve sophisticated computer hacks or confusing schemes that seem legitimate. If you begin to suffer from mental decline, you might become more easily tricked, as well. It is also unfortunately common for trusted caregivers to coerce those under their care to sign over control of their finances or make them the sole beneficiary of their will.

You may preemptively avoid these issues by naming a trusted loved one to act on your behalf in financial decisions when you are no longer able to make such decisions yourself. Our estate planning page explains powers of attorney and other options to protect your finances and your loved ones’ inheritance.

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