Baby Boomers are known for many things, two of which will affect them as they age, namely they have the highest divorce rates and the highest rates of childless marriages. Since many boomers don’t have a spouse or children, many will face aging issues without the help of family members or close friend. In addition, many Boomers and Generation X’ers have never been married or had a companion and they too will face aging issues alone.
When a person has diminished mental capacity, is ill or isolated, they become more vulnerable to those who might do them harm.
At times, people take advantage of those who are elderly or vulnerable for financial gain or control over assets. One form of exploitation is undue influence.
Undue influence is not typically considered a crime in and of itself, but acts as the means for committing a crime. It is commonly recognized by the misuse of one’s influence to substitute his or her own will for the will of another. The influencer takes advantage of his or her position of power over another person and the consequences can be very destructive.
When planning for the future of an elderly family member or child with special needs, you should consider preparing a powers of attorney. Powers of attorney are a simple and inexpensive way to help manage financial and medical accounts if you or your loved one is no longer able to make decisions clearly. For reasons of simplicity and clarity, it is usually better to have separate financial and medical powers of attorney.
Powers of attorney eliminates the worry and stress of managing financial and medical accounts during a time of incapacitation. Powers of attorney are prepared by your attorney and give control over financial and medical accounts to an agent, who is normally a family member or trusted friend. The agent is then granted legal authority to manage the principal’s accounts, usually while he or she is unable to.