Often, children become very concerned about their parents’ financial transactions as the parents’ health fails. What can you do to stop your parents from squandering their money? The simple answer is “next to nothing”.
A testator, who is mentally competent, is able to divest his/her entire estate before death, if that is the decision. You may not like the actions of your parents, but you certainly cannot bring a Court Application to stop the parents from gifting or spending your inheritance short of there being sufficient medical evidence to support that the parents are unable to manager their affairs. A lucid parent can do what he/she wants. Getting medical evidence to support mental incapacity is most often difficult.
So, you’re only real option in most cases is to sit back and hope your parents are reasonable. You can also try to convince them of not gifting or spending the inheritance.
After death, there is the opportunity to pull back into the estate, assets that are deemed part of the testator’s assets. The question is whether or not the asset was gifted by the testator to the recipient or not. If there is a Power of Attorney over your parents or someone is taking advance of them, there is the possibility of pursuing any asset the offending person received from your parents.
Hence, not all is lost as you can keep a close eye on your parents’ financial dealings and despite the transaction, try to recoup the asset post-death on evidence of abuse or undue influence. Until then, you must sit back and hope for the best.