Dealing with Distrusted Family Members in Cary, North Carolina
Family/in-Laws: Overbearing Son/daughter-In-Law, My Crazy Brother, or Other Family Members I Don't Trust
Can a Distrusted Family Member Take My Estate?
Families are awesome! But some family members are crazy. I believe most people are good by nature. However, some are not and others become selfish after a parent's incapacity and/or death. I have met many people who worry about their son/daughter-in-law, their crazy brother, or some other family member they simply don't trust and don't want to be involved in their financial life or their estate. If you do not have the proper legal document in place and up-to-date you are at risk. As discussed in more detail on this website, when a person can no longer manage their affairs (due to elderly age, injury, sickness, or otherwise) he or she needs someone else. At these vulnerable times, a distrusted family member (or another person) can take advantage of you or your loved one. They can pose as you, find your account information, or formally apply to become your guardian. They can have nearly unfettered control and do lots of harm. The harm can be more innocent. You may trust a person to make good health care decisions but not to make financial decisions. Having no protection leaves you very susceptible. Having the wrong plans or documents in place also creates a risk of loss.
How to Keep Distrusted People out Of Your Affairs?
A good way to protect yourself from and keep distrusted people out of your affairs is to have a plan and certain essentials. Read about the essential documents by CLICKING HERE. You can legally appoint the person or people you trust within legal documents called Powers of Attorney. This not only gives the power you want to give to those you trust but it also keeps those you don't trust out.
Another layer of protection is to set up and fund a Trust. Funded Trusts are controlled by those named in the document. The funds put in the Trust are only available to the trusted person or people you named in the Trust. Having a trust with your assets put in the trust allows you to keep away those people you want out. It is best to consult an Estate Planning attorney to discuss the types or trusts as well as any pros and cons of your situation.