Financial Abuse
Explore the implications of financial abuse in estate planning, including warning signs and protective measures for safeguarding assets.
What is financial abuse in the context of estate planning?
Financial abuse in estate planning refers to the misuse or illegal control over an individual's financial resources by another person, often someone trusted. This can include coercing a change in wills or trusts, unauthorized use of bank accounts, or altering asset distribution without consent. Recognizing this form of abuse is critical because it can significantly impact the intended legacy and financial security of an individual. Estate planning tools such as trusts can serve as protective measures by specifying controls and oversight, ensuring that the estate is managed as per the true wishes of the individual.
