This type of abuse can be indicated by sudden changes in how the elderly person manages their bank account, such as the withdrawal of large sums of money. There may also be additional names on their bank account. An abuser may also make withdrawals with permission from their bank account with the elderly person’s ATM card.
Family members, especially, may try to coerce a senior into making radical changes in their Will or other financial documents. These relatives often seek to increase their inheritance when the elderly person dies. People close to the elderly person may also steal possessions from them without their knowledge, often when the elderly person is incapacitated or ill.
If an elder is receiving insufficient care despite being financially capable to fund their own care, then elder abuse could be the reason. It is imperative that an elder get the the appropriate level of medical care and aid. Many relatives who are also caregivers try to provide just the bare minimum aid for their senior because they want more of that money to be put toward their inheritance. Relatives may also suddenly claim rights to a dying relative’s possessions.
Financial elder abuse is very common; the exploitation of a senior’s funds and property is often easy to overlook. There are many ways to prevent and stop this type of abuse from happening. You should first have a long discussion with the person you feel is being victimized by financial abuse. Make sure you know their best interests and desires for their financial security. Try to be friendly: loneliness often contributes to an increased risk of financial abuse.
If you suspect financial abuse of an elderly person, you can contact Adult Protective Services, local law enforcement, or the senior’s financial institution. It is best to get help for financial abuse as soon as possible. An attorney’s advice can also be extremely helpful in this situation.
This article contains general legal information and does not contain legal advice. Rocket Lawyer is not a law firm or a substitute for an attorney or law firm. The law is complex and changes often. For legal advice, please ask a lawyer.