a stranger ( such as the clerk ) in charge of your money than it is when you put a family member in charge . Well , unfortunately , you are wrong about that . The majority of financial abuse of seniors is perpetrated by family members . This is not cheerful information , but it is accurate .
It ’ s not my intent here to dissuade anyone from having a Power of Attorney document prepared . In fact for years I have been involved in the process of helping my clients get these documents in place . What I have a problem with is the power of attorney document that puts no guidelines in place , allows for no accountability to anyone and gives too much power to someone who does not know how to handle it . I do not like the idea of giving anyone carte blanche .
Part of the blame for the existence of these dangerously powerful documents belongs to the lawyers and planners who do not take the time to talk the customers through the potential pitfalls and then draft strong provisions in the document to head off problems . But I would say that a huge part of the problem lies squarely in the laps of those parents who refuse to acknowledge that anyone related to them could possibly do anything dishonest or negligent .
Last week I spoke with an older , widowed woman whose children are already starting to quarrel over her money even though she expects to live for many years yet . She said to me , quite sadly , “ I thought my family would be different . I thought we ’ d rise above this kind of thing .” Why did she think this ? Her children had not shown any signs of being any different from the rest of us humans on the planet . Her unsupported belief in the superiority of her children is shared by many mothers — and fathers — the world over .
If clients turn an intentionally blind eye to an issue and refuse to deal with it , there is not much any lawyer can do for them .
With the cooperation of their clients , lawyers who specialize
The majority of financial abuse of seniors is perpetrated by family members . This is not cheerful information , but it is accurate .
in estate planning can draft documents that allow for annual accounting to other family members . They can provide that any person acting under a power of attorney who takes money or who cannot account for missing money will lose that amount from his or her inheritance . However , when clients refuse to even entertain the idea that a child of theirs could give in to temptation or pressure or financial problems , the lawyer ’ s hands are tied .
A client who is wilfully blind to the possibilities and will not protect himself is in the same position as I was going through that drive-thru lane — handing over the money and just hoping it will all be okay .
Affinity Program Update BY CHYRISSE DEKKER
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