How to Avoid Financial Mismanagement and Exploitation In Your Estate

millman law group avoid financial mismanagement

Take these steps to avoid potentially disastrous financial mismanagement of your estate.

One of the biggest fears people have regarding estate planning and long-term care is potential exploitation. As you plan for long-term care, you can take several measures to protect against financial exploitation and ensure that all assets are responsibly handled. At The Millman Law Group, we offer a range of services and experienced guidance that ensures responsible estate planning for yourself and your loved ones. The following four tips are the primary ways you can avoid potential financial mismanagement and exploitation of your estate. 

Assign Power of Attorney to Someone You Trust

A power of attorney grants one person (the agent) the power to make financial decisions on your behalf when you no longer can. This often happens when you are incapacitated, and this person will gain control over your finances. Because they have so much power, selecting the wrong person can be disastrous for your assets. 

When you select the person to assign powers of attorney to, make sure it is a person who you completely trust and include powers of attorney in your estate plan, so your wishes are clear. 

Keep Your Assets Protected

Powers of attorney are just one part of a comprehensive estate plan. By building out your estate plan with your Millman Law Group attorney, you can find the best ways to protect your most valuable assets and mitigate any negative effects of financial mismanagement or exploitation. 

If you have particular concerns about particular assets or family members, you can speak with your estate planning attorney to discover which documents or procedures are best to keep your estate free from meddling. Establishing a Living Trust can be a great tool to use when someone is incapacitated. When using a Living Trust, the trustee can take over and safeguard the assets in the trust.

Petition the Court for Guardianship If Things Go Wrong

Even if someone has assigned powers of attorney or has a guardian, that does not mean it is permanent. If somebody exploits your loved one’s finances, you can petition the court to appoint guardianship to someone else. Because legal processes may take some time, make sure you act as soon as possible to prevent further damage to your loved one’s estate and your family’s assets. 

Consult With Your Elder Law Attorney 

Whether or not any issues arise, it is always best to consult an experienced estate planning attorney for all your elder law needs. The Millman Law Group takes a proactive approach to ensure that nothing goes wrong and that your estate plan is prepared for numerous circumstances and scenarios that may arise. When you have a lawyer you can trust, you can take action to prevent financial mismanagement or exploitation from those who don’t have your best interests at heart.

Estate Planning Made Easy With Millman Law Group

Millman Law Group, PLLC is rare because it’s one of the only law firms that offer life planning in South Florida. From life care planning to the preparation of detailed estate plans, Millman Law Group has committed to serving Floridian elderly communities in Boca Raton, Palm Beach County, Ocean Ridge, Hillsboro Beach, and many other areas since 2018. Our dedicated team also specializes in special needs trusts and catering to any age demographic because we know for certain it’s never too early to start preparing you and your family for your future. For the latest news in estate planning and elder care law, follow us on Facebook, Twitter, Linked In, and Pinterest. You can also contact us at 561-463-6480.