Your parents were there to protect and guide you when you were younger. However, as they age, it’s natural for them to rely more heavily on others for help with their finances, health care and decision-making.
Unfortunately, that increased dependence can make them vulnerable to unscrupulous people and undue influence. If you are concerned about an aging parent, there are ways you can help to protect them and their estate plan.
Warning signs to look for
Undue influence occurs when someone uses “excessive persuasion” to overcome a person’s free will, causing them to do things they would not otherwise have chosen.
In an estate plan, this may appear as a sudden change to a will or trust, a new beneficiary designation or a transfer of significant assets. Courts take allegations of undue influence very seriously and consider several factors, including the older person’s vulnerability, the influencer’s apparent authority, the tactics used and how the result compares with prior intentions.
Undue influence rarely happens overnight. Family members may begin to notice changes, such as:
- A new caregiver or “friend” isolating the elderly person from loved ones
- Unexplained hostility toward longtime beneficiaries
- Last-minute revisions to estate documents
- Large gifts or transfers that seem out of character
Seniors experiencing cognitive decline, grief after losing a spouse or increasing physical dependence are particularly at risk.
The strongest protection against undue influence is proactive planning. Estate planning documents should be created or updated while your parent clearly has capacity with the oversight of a third-party that doesn’t stand to benefit. These meetings should be private to help ensure decisions are voluntary.
Financial powers of attorney can include safeguards that require accountability or assign co-agents to prevent abuse. A revocable trust can also reduce opportunities for manipulation. It’s essential to maintain regular contact and involvement in your parents’ lives to make isolation tactics more difficult.
Speak with a legal professional if you are concerned about your aging parents being susceptible to undue influence. Protecting them is not only about safeguarding their assets; it’s also about helping them maintain their independence and ensuring their true wishes are honored.