Whether you are setting up an estate plan or making changes to your estate plan later in life, it is critical to ensure that you take the right approach and address any areas of concern, such as undue influence and challenges related to the executor of your estate or beneficiaries. Moreover, you should recognize other problem areas that impact many older adults with respect to estate planning and other facets of their financial lives, such as elder abuse.
Elder abuse takes different forms and according to the National Institutes of Health, some older adults are subjected to financial abuse. Sadly, financial abuse is especially disruptive when it comes to an estate plan, and forensic investigation into your finances and your estate can help identify and handle instances of abuse.
How can forensic investigations address financial abuse?
For starters, some people fail to review all aspects of their financial circumstances and their estate plan closely. Taking a forensic look at one’s finances and estate plan can root out financial abuse, whether someone is wrongly withdrawing funds from a family member’s account, changing names and other information on a document or charging an account without permision. It is important to identify financial abuse swiftly in order to minimize the impact of the abuse.
How can victims address financial abuse?
If you have recognized financial abuse, or you suspect that someone is violating your rights with respect to your estate plan, it is paramount to review your estate carefully and address any wrongdoing swiftly. Go over all relevant documents and financial details and make sure that you make any necessary modifications to your estate plan.