Learn to safeguard your wealth from early inheritance claims.
It’s an unfortunate reality that, in our latter years, we may find ourselves facing unwelcome pressure from those we least expect – our own children. As we age, the issue of money can often become contentious, with the younger generation possibly showing undue eagerness to claim their inheritance early. If you find yourself in such a predicament, there are several steps you can take to protect your finances while maintaining your independence and dignity.
Establish an Estate Plan
Firstly, it’s essential to establish a clear estate plan [link to estate planning webpage]. This plan will outline your wishes for how your assets will be distributed after your passing. Consult with a trustworthy lawyer or financial advisor who can help you draft a will or trust [link to will/trust webpage] that reflects your true intentions. Remember, an ironclad plan can help prevent any undue influence or coercion.
Retain Control
Next, ensure that you retain control over your own finances as long as possible. Consider appointing a neutral third-party, like an attorney or a bank trust department, as your financial power of attorney. They will act in your best interest and make decisions only when you’re unable to do so.
Communicate
If you’re concerned about your children’s actions, it might be time to communicate openly and honestly with them. Explain your financial plans and decisions and make it clear that you intend to maintain control over your assets for the duration of your lifetime. Healthy conversations can often alleviate tensions and miscommunications.
Establish a Support Network
Additionally, take steps to protect your physical wellbeing. Elder abuse, sadly, isn’t just limited to finances—it can take the form of physical or emotional harm, too. Establish a support network of trusted friends, caregivers, and medical professionals who can monitor your wellbeing and intervene if necessary.
According to the Internet Crime Complaint Center Annual Report, “Victims over 60 experienced an 84 percent increase in losses from 2021. The average loss per victim was $35,101.”
Seek Assistance
Lastly, don’t hesitate to seek professional help if you feel your situation is escalating. Social workers, elder law attorneys, and adult protective services are all equipped to deal with such situations. They can offer guidance, advice, and intervene if your safety or financial security is at risk.
Remember, you have worked hard for your wealth, and it’s your prerogative to decide when and how it will be used or passed on. Aging might bring its set of challenges, but with the right precautions, you can ensure that your golden years remain yours alone to enjoy and control. The key is to be proactive, stay informed, and never hesitate to ask for help when you need it.
If you feel your children are pirating your ship, reach out me. We can talk about the safeguards you can put in place today.