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How to protect a loved one's estate from being exploited

In a prior post, we highlighted the steps (and the value) of protecting one’s estate from creditors. After all, the wealth and property amassed over a person’s lifetime cannot be of any use to future generations if it is not there, simply because it has been sacrificed to creditors.

However, bandit-like creditors are not the only threat to a person’s estate. There are greedy beneficiaries, new (and inappropriate) friends who may come around at inopportune times, and unscrupulous managers. These people can be just as bad as creditors. Nevertheless, there are ways to protect one’s estate. This post will highlight a few. 

Be wary of new friends or acquaintances – As we noted earlier, new friends or acquaintances may come around simply to be taken care of or steal a share of your loved one’s estate. Most retires have friends with a similar profile. If a new friend comes around that does not fit such a profile, he or she should be given a high level of scrutiny.

Keep track of their investment portfolios –A loved one’s investment strategy should be appropriate for their age and financial goals. Essentially, a person of retirement age should not be taking chances on risky investments simply to make extra money (or drive extra fees for the administrator of the portfolio).

Stay in contact – In many situations where loved ones are financially exploited, the family does not know about it until it is too late. Because of this, checking in on them to see about their finances is important.

If you have further questions or concerns, an experienced estate planning attorney can advise you. 

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