My Family Members Are Interfering With My Investments at Old Age: What Can I Do?
Older people are often some of the most skilled investors. These individuals remember countless boom and bust cycles, and they know how to pick winning companies. Your younger loved ones might not fully understand your investment strategies, and they might even try to interfere. What can you do if your family members are trying to stop you from making certain investments? Can a St. Petersburg estate planning attorney help me?
Push Back Against Guardianship Attempts
The only legal avenue your loved ones have to control your investment portfolio is a guardianship. With this approach, your family members will attempt to convince the court that you are no longer capable of making logical financial decisions. They might point to some of your losses to back up these allegations, and they even attempt to argue that you have developed dementia.
Fortunately, you can push back against these allegations with help from an experienced lawyer. Your lawyer can use independent medical examinations to illustrate that you are still capable of making logical decisions. Your lawyer can also highlight some of the impressive investment choices you have made in the recent past, preventing your family members from “cherry picking” only your losses while ignoring your gains.
The only other way your family can gain control of your portfolio is with a power of attorney. However, you must consent to this legal process while you are still mentally capable of understanding it. Regardless of what your loved ones say, you should avoid creating a power of attorney if you’re serious about retaining control of your portfolio.
Many people forget that investment is all about the long term. Sure: You might have suffered a few losses in the short term, but the court should really wait a few years to see whether your investment thesis proves correct. Even severe losses in the short term can easily rebound, and many of the most impressive investment gains require you to “hold on for dear life.”
Push Back Against Unauthorized Bank Account Freezes
If your family becomes desperate, they may even attempt to falsely report elder exploitation and convince your brokerage to freeze your account. Unfortunately, many banks assume the worst and freeze funds in an attempt to protect their account holders.
As long as you respond effectively, you can easily and quickly regain control over your investments while convincing your brokerage that you are still in full control of your mental faculties. To dissuade further interference, your lawyer can even ensure strict financial penalties against your family members for making false elder exploitation reports.
Can a St. Petersburg Estate Planning Lawyer Help Me Keep Control of My Investments?
As an adult with full autonomy, you have every right to control your investment decisions. Even if you are an older individual, your family members have no right to interfere with your investments unless your mental state is seriously declining. An estate planning lawyer in St. Petersburg may be able to help you protect yourself against threats like unwanted guardianships. Continue this conversation by contacting Drude Tomori Law at 727-300-8900. We serve residents of St. Petersburg, Lakewood Ranch, Bradenton, and Sarasota.
Source:
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0400-0499/0415/Sections/0415.1113.html