Dementia is a general term for symptoms of mental decline that interfere with a person’s daily life. It is not a normal part of aging. The symptoms can include problems with memory, communication, and thinking. Alzheimer’s disease is the most common type of dementia. Symptoms of Alzheimer’s begin slowly and get worse over time.
When seniors begin experiencing fiscal troubles, early dementia or Alzheimer’s disease could be an underlying cause according to a recent study authored by Carole Gresenz, a professor of health systems administration at Georgetown University in Washington, D.C. “They’re vulnerable to large reductions in liquid assets because they’re not making wise decisions about their finances, savings and checking accounts. This can also reduce net wealth,” added Gresenz.
Unfortunately, this same susceptibility is present when a senior considers selling their home. Agents have a duty of fidelity to their clients and this may give rise to liability with respect to an older person who may be suffering from dementia and is being manipulated to sell their home. If you are interested in learning how to minimize your exposure when representing a senior involved in a real estate transaction, sign up for our blog to learn about the next presentation of Avoiding Breaches of Fiduciary Duties While Representing Seniors (1 hour CE).
For more than 30 years, Attorney Lee A. Drizin has practiced in the areas of estate planning, probate, trusts, guardianship and real estate matters representing clients throughout the state of Nevada.
Drizin Law is providing this information for educational purposes only. It should not be construed as legal advice or a legal opinion as to any specific facts or circumstances. This information is based on general principles of Nevada law at the time it was created and you should be aware laws frequently change. Moreover, the laws affecting you may differ depending on the circumstances. You should consult with a qualified attorney in your own state or jurisdiction concerning your particular situation. Review of this information does not create an attorney-client relationship.