The recent news about George Chuvalo, Canadian boxing legend, is a sad tale of children from two marriages and a second wife and the wealth that he had accumulated over his lifetime. Most importantly, who gets this accumulated wealth?

Later in his life he was not able to manage his personal affairs. Others stepped in and after a time was when the disputes began. Most importantly, who gets this accumulated wealth, now or upon his passing? The courts recently ruled on this matter with an update here: Legal case update here

How does this story relate to elder abuse?
In recent years, George was losing mental capacity and family members began to handle more of his financial and health matters for him. However, it appears based on the court documents that some family members may have had other designs on his assets accumulated. Hence a bitter and contested legal dispute ensued where all of the family’s personal matters would become a matter of public record.

Try not to let this happen to your family. Do you want your family’s dirty laundry aired in a public court proceeding and in the press?

What can you do to avoid this type of dispute?

1. while the elder person has his/her mental capacity, have a trusted person better understand the assets owned by that person
2. document as best as possible these assets (and liabilities) and the details related to them
3. determine the testamentary intent – once that person passes, who the elder person wishes to give the assets to and how much?
4. are these testamentary wishes documented, most preferably in a will?
5. identify who will be responsible for distributing the assets according to the wishes of the elder person (the executor)

Taking these steps should work to try to clarity and understanding of the wishes of the elder person and work to ensure that these wishes are met.

Learn, think, apply!