Elderly financial abuse is common and fraud or undue influence can seriously affect a person’s financial affairs. It seems as if there are news story about an elderly person who has been taken advantage of quite frequently. Even if a family thinks it will never happen to their loved one, you just never know.
Although anyone can be a victim of elderly financial abuse, there are certain things a family can do to help prevent it from occurring. First, a person should shred old receipts, bank statements, investment statements, and unused credit card offers. If other people will be in the home, like workers or strangers, checkbooks and financial statements should be locked up or put out of sight.
A credit report should be reviewed at least once a year. Personal financial information should not be shared over the phone or over the internet unless it is a trusted party and you initiated the call or contact. Families members should be on the lookout for unusual bank activity, unexplained withdrawals, or bills going unpaid.
Financial abuse can be devastating for families. It is an unexpected event that can make a family feel violated and their elderly loved ones anxious and scared. A legal professional who specializes in probate litigation can help a family who may be experiencing elderly financial abuse. An attorney can help the family investigate what happened and try to resolve the conflict. An attorney understands the sensitive nature of these situations and can work to find a solution.