While it is horrible to think about, may elderly are victims of financial abuse. As family or friends, we want to do all we can to assist our elderly loved ones in avoiding being taken advantage of financially. Here are some things to talk over with elderly family or friends to help them avoid financial abuse.
Talk About Telephone Scams
It may seem incredible to many elderly that the telephone has become a mechanism of fraud and abuse. Let them know that it is okay to be rude and hand up on telephone solicitors or anyone who may sound official but begin asking for information that they should already have. Make sure to explain to never give out personal information like bank account or social security numbers over the phone.
Stress the Importance of Financial Documentation
Make sure to explain that in an age of identity theft, credit cards and bank accounts can be stolen without anything ever going missing. Take time to go over billing and bank account statements to make sure all charges and debits were actually placed by the owner of those accounts.
Getting Legal Affairs in Order
Having proper legal documentation like powers of attorney, wills and living wills can make a huge difference if a person gets incapacitated or injured and cannot make decisions for themselves. Having these documents in order can protect from a variety of financial abuse.
For an legal questions or to see what can be done about victims of elderly financial abuse, contact the experts at Stano Law Group.
