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Financial Elder Abuse - minimise the risks.

What is financial elder abuse?

Types of financial abuse include:

  • Illegal or improper use of an older person’s property or finances

  • Misusing a power of attorney

  • Forcing or coercing an elderly person to change their Will

  • Taking control of their finances against their wishes

  • Denying them access to their money

Sadly the most common offenders of elder abuse are family members (commonly adult children)

How common is elder abuse?

Approximately 1 in 6 older people report some type of elder abuse.

This statistic is expected to increase as the baby boomers enter their later years with a wealth accumulation of 3.5 trillion dollars that is set to be passed onto the next generation.

Warning signs

  • Mail, such as bank account statements not being received

  • Missing funds from their bank accounts

  • Unable to find personal documents

  • Acting out of character, unusually or erratic

  • Someone does all the talking for them

  • Unable to explain recent transaction on their bank account

What we do to reduce the risk

  • Ensure we are taking instructions from the client and/or from an authorised power of attorney

  • Speak to the client privately without any other family members present

  • Satisfying ourselves that the client has capacity, and get medical confirmation if we are unsure

If you are concerned about elder abuse either personally or for someone else, please contact our office to schedule an appointment to speak to Rebecca Healy - Accredited Specialist (Wills & Estates).

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