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Seniors are the targets of unscrupulous relatives and scam artists who consider them easy to manipulate. Some elders may be eager to send money because of a supposed “family emergency,” while others may be susceptible to pressure to change their wills. Understanding the risks North Carolina seniors face and talking to an experienced will attorney can help protect the wealth your loved ones have spent a lifetime building.

Types of Senior Financial Abuse

Pressure to Change a Will

Many seniors depend on their children or other relatives for their daily care, which can make them especially susceptible to pressure. A caregiver may demand a greater share of the inheritance, or expect their elderly family member to write someone else out of their will. 

Although this most often occurs among family members, church groups and even long-time employers have been known to pressure others to change their wills. Unfortunately, even if the individual is living with cognitive issues, the courts will usually accept wills altered in these circumstances.

Phone Scams

will attorney“Family emergency” scams are one of the most effective fraud techniques directed at seniors. The caller will pretend to be a grandchild who is in serious trouble, usually stuck in another country. In many cases, these con artists can convince elderly people to send thousands of dollars, which unfortunately can’t always be recovered.

How to Prevent Financial Abuse & Scams

Correcting theft and financial abuse after the fact is extremely difficult, so prevention is the best approach. As part of their estate plan, seniors should speak with a will attorney about drafting powers of attorney, which give someone they trust the legal authority to manage their financial affairs.

If your loved ones become concerned about your vulnerability to scams and undue pressure from someone else, they can invoke the power of attorney. You may also nominate them as a guardian of your finances if you eventually become unable to manage them yourself. However, these provisions must be made while you’re still of sound mind, before any age-related cognitive issues develop.

 

Since 1984, Stephenson & Stephenson, PA Attorneys at Law have provided detailed legal solutions for clients throughout the Sanford County area. Since 1984, their will attorneys have helped seniors prepare for the future and protect those who matter most. Visit their website for more on their estate planning services, or call (919) 774-6182 to speak with a will attorney today.

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