If your elderly father is writing a will, forming a trust or undertaking any other estate planning process, he is doing better than most. In fact, according to a recent study, almost 70% of Americans have not written even a simple will to address ownership of assets after death.
You should be able to trust your dad’s estate plan to reflect his true intentions. Regrettably, though, if someone unduly influences your father, that may not be the case. Here are three signs your father may be vulnerable to undue influence when planning his estate.
Because children grow and leave home, isolation is common among elderly individuals. If your dad does not have an active social life, he may allow someone to unduly influence his estate plan. Consequently, you may want to closely monitor the influential activities of your father’s new caretakers, acquaintances and friends.
2. Poor health
Your father may not like to complain about feeling unwell. If your dad is in pain, though, someone may be able to take advantage of him. Furthermore, if your father is experiencing memory challenges or has dementia or Alzheimer’s disease, he may not be able to keep an undue influencer under control.
Even though anyone may become a victim of undue influence, unscrupulous individuals are likely to target those who have wealth. If your dad has property, savings, investments or other valuable assets, an undue influencer may see dollar signs.
The best time to stop undue influence is during the estate planning process. Ultimately, if you think your dad may be at risk, you may have to intervene to protect his legal and financial interests.