Why is a Trust a Smart Move for an Elder Parent?
If you have an elderly parent, you should think about having a trust created. A trust makes it possible for a trustee to handle the financials for a parent who may no longer know how to properly handle his or her finances due to old age. It is something that can protect your aging parent from numerous issues in the future, including the mismanagement of funds. It would also protect your loved one from fraud.
Unfortunately, there are some bad people out there who prey on the elderly in an attempt to steal from them. You can make sure this does not happen to your elderly parent by having a trust created now.
The Advantages of Having a Trust for Your Parent
If your parent is only getting older and you have noticed that he or she is no longer capable of doing certain things, such as handling the bills and making sure everything gets paid on time, you may want to get a trust. The trustee can handle the management of your parent’s funds in the best way possible by overseeing his or her finances and making sure things are paid, including phone bills, senior home rent bills, utility bills, and more.
The trust provides a bit of a safety net for the elderly. It is not uncommon for seniors to have someone take advantage of them in an attempt to gain financially. If you already have a trust put in place, a caretaker or other family member cannot take advantage of your loved one by trying to take his or her money.
How do You Obtain a Trust for an Elderly Parent?
If you would like to get a trust for your elderly parent, you would need to meet with an estate attorney and bring your parent with you. During the meeting with an attorney, your parent will need to choose the trustee. The trustee is the one who will manage the trust and handle the finances on behalf of your aging parent.
As the child of this aging individual, your parent may feel more comfortable choosing you to act as a trustee. However, it is entirely up to your parents to decide. The trustee has the responsibility of managing an individual’s property while making sure the beneficiaries of the agreement receive what they deserve. The beneficiaries are often other families, including other children and grandchildren.
When your parent starts getting older, it is normal for you to worry about their well-being. You might also want to make sure that no one takes advantage of your elderly relative. In that case, it is best for you to talk with your parents about having a trust created and appointing a specific person to act as the trustee. A trust can protect your parents from fraud and mismanagement of funds. If you like the idea of having this extra protection for your loved one, meet with an estate lawyer. At Giro Law, we can explain the process of having a trust created while making sure your elderly parent gets the protection he or she needs. Contact us today at 201-690-1642.