How To Protect Loved Ones From Scammers

Are you worried about how to protect loved ones from scammers? Concerned that your dad might fall for his caregiver and leave the family farm to her in his will? Or that your mom might hand over her life savings to an online love interest, or spend her fortune on late-night Amazon

shopping sprees?

These concerns are becoming more common as people live longer and remain vulnerable to manipulation. Fortunately, a well-crafted plan—prepared with the help of an experienced elder law attorney—can provide strong safeguards.

A Powerful Tool: The Living Trust

One of the most effective ways to protect assets is by creating a living trust instead of relying solely on a will. Unlike a will, which only goes into effect after someone dies, a living trust becomes active immediately. That means a trustee (or co-trustees) can manage and protect the assets while the person is still alive, even if they begin to lose capacity. Here’s how trust can help:

· Appoint a trustworthy successor trustee or even a professional fiduciary to take over if needed.

· Include a trust protector or trust committee that has the authority to remove or replace a trustee without going to court.

· Allow amendments to ensure eligibility for public benefits or tax advantages.

There are many types of trusts, each with its own pros and cons. That’s why consulting a qualified estate planning attorney is essential.

Additional Protective Measures

Here are some other steps you can take to help secure your loved ones’ finances and well-being:

· Name a “trusted contact” on bank and brokerage accounts. This person can be alerted to unusual activity, like large or frequent withdrawals.

· Establish a durable power of attorney and a medical power of attorney while your loved one is still fully capable. This ensures someone you trust can step in to make financial or healthcare decisions if necessary.

· Inventory personal property and get appraisals where appropriate. Share copies with trusted family members or advisors.

· Use the Social Security Advanced Designation tool to pre-select a trusted individual as a representative payee—before it's needed.

· Freeze Social Security numbers with all three credit bureaus (Equifax, TransUnion, and Experian). This helps prevent identity theft. A PIN will be required to lift the freeze for credit applications.

A little planning now can prevent big problems later. When protecting your loved ones from scammers, opportunists, or even their worst impulses, having the right legal tools in place makes all the difference.