Legal Tip 117: 'inheritance impatience'

Discussion in 'Wills & Estate Planning' started by Terry_w, 24th Feb, 2016.

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  1. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    I came across a new term this morning

    Inheritance impatience

    How to stop elder financial abuse at the hands of loved ones | smh.com.au

    Some people seem to be counting on inheritances well before their loved ones are close to death. I see it with clients all the time and it can be good to taken this into account with estate planning.

    But others are impatient and they want their inheritance now. They take money from parents or borrow money without intending to pay it back. Some even misuse powers granted under a power of attorney. The article above talks about a son who took his own fathers life savings by abusing a power of attorney. The son was sentanced to at least a year in gaol.

    Attorneys can abuse their powers and once they have blown the money it may be gone forever. So choose your attorneys wisely and consider appointing joint attorneys so that they must make decisions together.
     
    Terry_w, 24th Feb, 2016
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