A beneficiary is a person who benefits from something else, meaning that there are people who may attempt to become beneficiaries as a way to take advantage of others. In this article, we’ll define the term “beneficiary” and explains how it relates to nursing home abuse.
Generally speaking, a beneficiary is any person who profits or gains an advantage from something. This term is often used to refer to a person who receives distributions from a life insurance policy, a trust, or a will.
In an estate plan, beneficiaries are named in several places, including:
There are two types of beneficiaries named in an estate plan:
While it is common for people to name their children, spouse, and other family members as their beneficiaries, it is in no way required to do so. In fact, your beneficiary doesn’t even have to be a person, as it is possible to name a charity or an organization as a beneficiary.
While most people may think of physical or emotional abuse when they think of nursing home abuse, another type that can go overlooked and unnoticed is financial abuse. Financial abuse occurs when a person improperly or illegally uses another's funds, assets, or property. As they are in a vulnerable position, nursing home patients are uniquely at risk of financial abuse.
Financial abuse can be committed by nearly anybody who is in contact with a nursing home resident, but is most commonly perpetrated by people close to them such as caregivers, family members, colleagues, affiliates, or close friends.
Financial abuse can come in many different forms, including a person deceiving or manipulating their way into becoming a beneficiary of a nursing home patient’s estate. This allows the perpetrator to unjustly receive benefits that the victim may not have otherwise chosen to give them.
As a loved one of a nursing home patient, it is wise to be aware of the possibility for this type of financial abuse. If you believe that a person is trying to or has acted in such a way as to financially abuse you or a loved one, it is highly recommended to speak to an attorney experienced in nursing home abuse cases who will be able to help you take the proper legal action.