Dear Editor,
A basic tenet of elder abuse is centered on the elder’s accumulated wealth. With economies as they are, and opportunities for wealth accumulation diminishing, one get-rich-quick scheme or get-on-rail [after squandering their youth and income] is to leech on to elders’ wealth. The cost of higher education, too, is sinking many of our ‘average’ students into deep debt even before graduation [depending on the program of study]. To safeguard against this, families should talk with, and encourage their parents and aging relatives to plan and prepare their estate early. Do this while they are well and mentally capable to make these decisions, unchallenged.
What is estate planning? Who should plan an estate and when? Estate planning is, in the simplest terms, deciding and instructing how [an individual] wants his/her assets managed in the event of death or incapacitation. It also instructs of tasks that serve to manage an individual’s asset base [if it is not to be distributed upon death]. The planning includes bequest of assets to heirs and the settlement of estate taxes. Who should plan an estate and when? Anyone over the age of 18 can and should plan their estate. It might surprise you, but our children have accumulated a volume of assets around us and from our money [that would stun you]. Sometime ago when my daughter was planning on travelling to Guyana, I instructed her to write her Will. She said, “But I do not own anything. What to write in the Will.” I took her to her room and told her to write how she wishes all those particles to be disposed of. Also, to say who she wishes to have her few cents. I suggested she leave the cents for the needy children. That was funny. It was a very enlightening and instructive exercise. Needless to say, it was an eye opener. I intend to tax her for storage.
But seriously, by age 50 adults should prepare their estates either by a Will or other legal instruments. Family members should encourage their aging relatives to do so before it’s too late, especially in these trying times. With non-communicable diseases on the rise, and some being the leading causes of death, families must not leave estate planning to ‘when I can’t do any more or get bed-ridden’. This posture is highly irresponsible. Covid-19, too, was a game changer for many aged persons, as well as some not so old, who didn’t boast of a staunch constitution or were not prepared legally. It is also how some criminal and unscrupulous elements get in and swindle persons of their assets. Today, we are seeing a rise in mental incapacitation due to the wretched Dementia and Alzheimer’s diseases, among aging adults. Thus, one should plan their estate before these debilitating ailments step in. Persons with these diseases are particularly vulnerable to fraud, either financial or estate conversion.
Estate conversion is particularly odious, and it appears to be prevalent in Guyana, so much so that the Attorney General himself was so moved to make amendments to the Power of Attorney Bill to strengthen same and ‘beef up’ the punishment and penalties for a receiver breaching donor’s trust. I would have liked to see some more checks and balances put in place for, not only persons allegedly issuing Powers of Attorney, and breaches of same, but also, Wills that are appearing with single beneficiaries to entire estates or Executors or Trustees, purportedly having been prepared by an elder (someone beyond the age of 70).
There is something happening at commercial banks also with elderly persons. Their accounts are dwindling swiftly even though they do not withdraw funds. Also, withdrawals are being made, but the banks are not taking safeguards against liability to themselves or the elders, by recording the names and ID information of the persons accompanying elders to the banks to transact business. The devil is in the details. Also, persons who are having elderly persons declared [by the Courts] mentally incapacitated [non compos mentis] and petitioning themselves as sole Trustee, without all family members participating in the process. This too is an abuse of an elder’s incapacitation and vulnerability. It is odious. It is violation of the elder’s Human (Constitutional) Rights. So, please get those Wills, Living Trusts, and Trusts prepared early. My daughter has. You didn’t put down tomorrow. Better yet, do your distributions while you are alive and well.
Sincerely,
Kim Medford
