As our loved ones age, it becomes our responsibility to ensure their well-being and safety. Financial abuse often targets elderly and vulnerable adults. We’ve put together some important information to help you recognize and address potential financial abuse cases involving your vulnerable family members.
Understanding Financial Abuse
Financial abuse cases involving the elderly or vulnerable adults are more common than we’d like to think. These situations often involve manipulation and exploitation. Family members or other individuals may take advantage of and manipulate an elderly person, convincing them to sign over financial control, redirecting significant amounts of money or outright stealing their assets.
Financial abuse can unfold gradually, with the abuser maintaining a facade of care and trustworthiness. They may take advantage of a longstanding relationship with the victim, making detection even more challenging.
Recognize Warning Signs of Elder Financial Abuse
Identifying elder abuse, especially the financial kind, can be difficult as it often occurs behind closed doors. By staying vigilant and paying attention to your elderly loved one’s financial situation, you can help protect them from potential abuse. Here are some red flags to watch out for:
- Unexplained Withdrawals or Transfers: Keep an eye out for unexpected and unexplained transactions in their accounts.
- New Individuals Added to Accounts: If your loved one tells you they are adding names to their home or financial accounts, it could be a sign of manipulation.
- Changes to Wills or Trusts: Sudden alterations to legal documents like wills or trusts warrant some investigation.
- Missing Personal Property: Disappearing personal belongings should raise concern.
Seek Help and Support
By staying informed and vigilant, you can play a crucial role in protecting their financial well-being and overall happiness. The attorneys at Wool Landon understand the personal and sometimes uncomfortable nature of these situations, especially when they involve close family members or trusted friends.
You don’t have to face this difficult situation alone. With years of experience in handling these sensitive cases, the team at Wool Landon can guide you through the process.