Unfortunately, the elderly often fall victim to the financial schemes of people with nefarious intentions.
Elder financial abuse takes place if a person takes money or valuable items from a person of advanced age. The aging population must place a certain level of trust in others to help them manage their affairs and sadly they become easy to take advantage of.
1. Suddenly making a new close friend
Many retirees become lonely, especially if they do not have relatives or friends who live in close proximity. This gives strangers, such as caregivers, the opportunity to develop a rapport with the older person and gain his or her trust. Family and friends of a nursing home resident should remain wary of anyone who is constantly by the senior’s side.
2. Receiving notice of bounced checks or suspicious mail
If an aging individual or their family receives notice of bounced checks it could mean that someone else has taken money from him or her. Additionally, another sign of elder financial abuse includes the receipt of mail from a bank or creditor with which the individual does not hold an account.
3. Mentioning that they signed new estate planning documents
If an elderly loved one mentions updating his or her will and seems confused about the terms or why the update became necessary, it could suggest that someone coerced this change. Alert the senior’s family or contact his or her legal representative to verify that the elder understood the changes.
The elder population requires the assistance of younger friends and relatives to advocate for their well-being.