What is inheritance Impatience?
In simple terms, inheritance impatience is a new form of elder abuse where adult children of seniors manipulate or illegally manage the finances and property of their elderly parents or other elder relatives to extract wealth from them.
How does this happen?
With the advances in modern medicine our life span is increasing which means our children are having to wait longer to access their inheritance.
Many times, seniors are forced to change their Will or sign a Power of Attorney which gives their family members power over their wealth and assets. This can either be against the wishes of the parents or without their informed consent.
This phenomenon is common across the globe and the instances are rising in Australia.
In many cases, the first people to identify seniors going through this type of abuse are professionals like doctors, caretakers, bank tellers, or social service volunteers. This is because one of the primary issues with protecting seniors is that many people fail to speak up or seek help.
There are many reasons why seniors may refuse to speak out the abuse:
- The seniors have very little power over their abuser
- The seniors are entirely dependent upon the person responsible for their abuse
- The person who abuses is a close family member or someone who befriended them
How can I protect myself or other seniors
Obviously, the best way to protect yourself or someone you know is to speak up. If you see or suspect this type of activity is happening, speak to someone about it. I used to tell my children when they had issues with bullies at school that if no one knows it’s happening, how can anyone help you?
A few tips are to:
- Create a Will and keep it updated
- Have a professional appointed to look over your financial and legal matters to help protect your assets
- Have other key documents like a Power of Attorney ready and constantly updated
- Keep a cap on your monthly spending based on your requirement
World Elder Abuse Awareness Day is observed on July 15 each year in an attempt to stop elder abuse. It is a reminder for people to plan their retirement and finances, and organise their estate wishes. If you do this in advance, it will help you have independence and live life on your terms.
Never forget, it’s your right to protect yourself from inheritance impatience and elder abuse!
Remember, if you need any help or advice, we are just a phone call away.
All the best, Simon.
Source: Over 50’s Lifestyle Magazine