Financial exploitation of elder people in California and across the nation is a serious issue. Financial elder abuse is especially a concern for older individuals who suffer from cognitive impairments, which is why elder Americans and their family members should be familiar with these concerns.
Elderly financial abuse is considered widespread and can have serious consequences for victims and their families. The National Adult Protective Services Association reports that one in nine seniors reported that they have suffered some type of abuse or been neglected or exploited in the past year. In addition, one in twenty seniors reported they have suffered from some type of perceived financial mistreatment.
Knowing what an executor does is important for families in California to understand. In addition, it is helpful for families to understand executor liability and what to do if an executor violates his or her fiduciary duties.
By definition, the executor is responsible for the disposition of property and possessions of the estate as noted in the decedent's will or other estate planning documents. Serving as the executor for the last will and testament of the decedent can be overwhelming, but it is an honor the executor will likely take very seriously. The executor has the significant responsibility of making sure the decedent's last wishes are fulfilled concerning the disposition of their property and possessions.
On behalf of Gostanian Law Group posted in Conservatorships on Thursday, November 22, 2018.
Families in California considering a conservatorship for an elderly loved one may have many questions. It is important that they understand the basics of conservatorship, so they can make informed choices. A probate conservatorship is a court case during which a judge appoints a party as conservator. A conservator can be either an individual or an organization who is appointed to manage the finances of an individual that no longer possesses the capacity to do so for themselves.
There are generally two types of probate conservatorships: limited and general conservatorships. A general conservatorship is for individuals who cannot care for themselves or their finances and is most commonly sought for elderly individuals. A limited conservatorship is for developmentally disabled individuals who cannot care for themselves or their finances. Individuals in general conservatorships typically need a higher level or care. In addition, a temporary conservatorship can be appointed in exigent circumstances.
Both a trust or a will may be challenged in certain circumstances. When that is the case, it is important to know how to handle the challenge of trust litigation or a will contest.
The beneficiary of a will may wish to challenge the will for several different reasons. Because a will contest can quickly become complex, it is also important for the parties involved to have a handle on the process and trained guidance can be useful in helping them do that. Because will contests can be difficult to win, and making be essential to protecting the interests of the beneficiary, it is important to know how to approach making one.
On behalf of Gostanian Law Group on Friday, November 16, 2018.
If you suspect a trustee is abusing their financial power over an estate, you can take legal action to remove them.
An estate is often a large, complicated gift a loved one leaves after their death. Its official distribution can take years, if not decades. If you suspect that a trustee is breaching your deceased loved one's trust, you can take legal action to prevent them from making any further irresponsible decisions.
Elder financial abuse can have very deep impacts. It can have major financial and emotional implications for its elderly victims. The financial ramifications of it can also last within a victim’s family for a very long time.
So, it can be important to watch for signs that your elderly loved ones may be particularly vulnerable to such abuse. Such signs include elderly individuals:
Having physical health issues that could require them to bring in more service providers
Being isolated through not having any friends or family who live in their area or regularly visit them
Experiencing major memory or recall problems regarding financial matters