Dear Liz: I have a younger friend who has asked me to leave them a condo I own.
I would prefer the condo remain in my daughter’s name, and designate that the income from the condo go to my friend after my death. Is there a way to do this?
Answer: Your friend just handed you a massive red flag. Please heed this warning that they may not be trustworthy.
Generally speaking, people shouldn’t be asking for bequests for themselves. That’s especially true when the request is unsolicited — in other words, if you didn’t open the door by requesting what they might want from your estate.
Someone who feels comfortable enough to ask for a handout after your death may have no compunction about helping themselves to your money while you’re still alive.
Financial elder abuse is a huge problem, and the perpetrators are often people the victim knows such as friends, family and caregivers.
Please tell your daughter about this request, and consider going together to an estate planning attorney. The attorney can make sure your estate plan is in order and discuss ways you can protect yourself from schemers and fraudsters.
Liz Weston, Certified Financial Planner, is a personal finance columnist for NerdWallet. Questions may be sent to her at 3940 Laurel Canyon, No. 238, Studio City, CA 91604, or by using the “Contact” form at asklizweston.com.
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