How Estate Planning Helps Protect Your Assets—Especially in Your Later Years

It’s a heartbreaking reality: older adults are often targeted by scammers who exploit their trust, isolation, and lifetime of hard-earned assets. Without proper safeguards in place, even the most financially savvy individuals can become victims of fraud.

One family’s story, shared in a recent MarketWatch article, illustrates just how devastating the consequences can be. Their elderly mother lost her entire life savings—investments, stocks, and more—to a scammer she met online. And despite her family’s concern, she believed she was in love and didn’t want help. By the time they stepped in, the money was long gone.

This is exactly the kind of situation estate planning aims to prevent.

Why Estate Planning Is About More Than Just Distributing Assets

When most people think of estate planning, they imagine wills or trusts that take effect after death. But a well-crafted estate plan does much more—it also helps protect you and your assets while you’re still living, especially if your ability to manage your finances or health becomes compromised.

Here’s how:

1. Durable Power of Attorney (POA)

A Durable Power of Attorney allows you to appoint someone you trust—usually a spouse, adult child, or close friend—to make financial decisions on your behalf if you become unable to manage them yourself.

In the case of the woman in the article, a POA might have prevented the financial transfers altogether. Her appointed agent could have stepped in, monitored bank activity, and put a stop to the scam before her accounts were emptied.

2. Joint Account Ownership and Account Monitoring

Adding a trusted adult child as a joint owner or authorized signer on certain accounts can create transparency and a second layer of protection. In some cases, families also notify banks and investment firms about these arrangements, giving them a heads-up if unusual transactions take place.

3. Conservatorship as a Last Resort

If someone refuses to relinquish control of their finances but is clearly unable to make sound decisions, family members can request a conservatorship (or guardianship in some states). This court process appoints a responsible person to manage their financial affairs.

However, conservatorships are complex and emotionally difficult. They involve legal proceedings, court investigators, and judicial oversight. That’s why many families prefer to avoid them altogether by putting POAs and other tools in place ahead of time.

4. Healthcare Documents to Support Mental Health Evaluations

A comprehensive estate plan also includes a Healthcare Power of Attorney and HIPAA authorization. These forms allow your chosen representative to speak with doctors, schedule appointments, and get a clear understanding of your mental and physical health—crucial steps if concerns arise about cognitive decline.

Planning Ahead Gives Everyone Peace of Mind

It’s not always easy to have conversations about aging, loss of independence, or fraud—but putting these plans in place early can prevent heartbreak and financial devastation down the road.

Estate planning isn't just about who gets what when you're gone—it's about protecting your well-being, your assets, and your dignity during your lifetime.

Key Takeaways:

• Scams targeting the elderly are real and costly. Without safeguards, even the most cautious individuals can fall victim.
• A Durable Power of Attorney is essential. It allows a trusted person to step in and protect your finances when needed.
• Healthcare documents ensure medical access and support. Loved ones can assist in getting evaluations or care if health issues arise.
• Early planning is far easier than court intervention. Conservatorships are often emotionally and legally draining, but avoidable with proper planning.

At the Werner Law Firm, our estate planning attorneys don’t just help you prepare for the future—we help you protect your present. If you’re concerned about safeguarding your assets or shielding a loved one from potential abuse, we’re here to help you build a plan with compassion and care.

If you have any questions, schedule a free appointment with us through our online appointment page.

You can also read reviews from some of the hundreds of clients we have helped over the years.

Reference: Market Watch (March 1, 2025) “’She’s still waiting by the phone’: My grandmother gave her life savings to a man she met online. What now?”