Getting an early inheritance and taking over the family home are two dangers when children have an enduring power of attorney for an ageing mum or dad.
for a parent, you will have the ability to make financial decisions and sell assets. But just because you can make a particular decision does not mean you should. Be careful not to go down the path of financial elder abuse.
It can also be difficult to place yourself in someone else’s shoes to think and act like them. But this is what an enduring power of attorney must do. It might seem like a fine line but there is a clear guiding principle – you need to show that every single decision was made in the older person’s best interest and not to benefit other family members.
Families may not see this as elder abuse. They might consider that as long as Mum or Dad’s bills are paid, they have a right to the money now as they are going to inherit anyway. But it can be an example of elder abuse. For example, we have seen situations where a family member wants to buy the parents’ home for less than market price or move in for no rent. A recent case involved a family member who wanted to buy the home from his parents, at less than market value. The plan was to pay one-third of the price straight away with the rest to be a “loan” that would be forgiven upon death.
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