Legal Question in Elder Law in Tennessee

How to protect elderly Mom's estate from scammers?

My Mom is nearly 80; she retains her mental faculties but is way too trusting of others for her own good; her 2nd husband is deceased but his children are unscrupulous and constantly pressure her for monetary support; how can I 'lock down' her assets so that they or other scammers that prey upon the elderly cannot persuade or coerce her into giving up her money and/or real assets? Do I need her consent to be an 'guardian administrator' for her and her estate? Is there a legal document that must be filed like a power of attorney whereby she consents to my or my siblings' co-signing for any withdrawl or redemption of investments? If she does not consent are there any other options available to protect my elderly mother from thieves and scammers?

Her last husband 'reduced' her assets from about 500k to 125k by constantly badgering her for a new truck, boat, woodworking shop and so on; which she agreed to, to 'keep the peace' between them but now she has her future alone to consider and her assets must be preserved for her own survival and I expect her to exceed 90 years of age before she departs this life. Any help or advice would be much appreciated as I have no idea how to proceed.

Thanks


Asked on 9/19/04, 7:21 am

1 Answer from Attorneys
Dr. Michael A. S. Guth Tennessee Attorney at Law Assists Pro Se (without a lawyer) Parties

Re: How to protect elderly Mom's estate from scammers?

Being appointed guardian is a rather drastic step for someone who is mentally or physically impaired. Based on your fact pattern, it does not sound like your mother is completely impaired. It would be fairly simple for you to get your mother to add your name to her banking, savings, and brokerage accounts. Once it is a joint account, you can require a change that both names be on checks or requests for disbursements. That sounds like a better solution than petitioning for a guardianship. You can check with your bank and see if they pose any problem with adding you to the accounts, given your mother's permission. Another alternative would be to get your mother to sign a limited power of attorney giving you the right to approve or endorse or otherwise control the disbursement of funds out of your mother's account. I'm not sure if your mother would like having to ask her daughter for permission to disburse funds. Good luck.

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Answered on 9/20/04, 5:40 pm


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