Every year more than 4,00,000 incidents of financial abuse targeted towards elderly individuals are reported to higher authorities. These estimate around $4.8 billion in losses as established by 2022 analysis reports. If you go by state and federal data, you will see that financial abuse among older adults is a reported incident grabbing worldwide attention. Experts believe that financial exploitation of eldersis the misuse or theft of an older individual’s resources by an individual known or unknown to them. However, these get underreported, and thus, crime is increasing by leaps and bounds. However, elderly individuals must understand that there is a ray of hope. There are ways of preventing this abuse and taking steps to protect their interest. Hence, if you want to protect your financial resources and shield yourself from exploitation, you must take legal advice.
Designate an individual as your economic power of attorney
When you are in a position to make financial decisions, you must select an individual who can take care of these areas when you are not able to. You may entrust the responsibility to one or more individuals so that they can share their burdens and hold each other accountable. Remember that a power of attorney is a vital document that helps protect your resources. Hence, you need the help of a lawyer to customize the agreement and help you protect your resources. These legal representatives know how to handle financial matters because they are well versed in filing taxes and managing properties.
Appoint your trusted individual for investments and accounts
A trusted individual who has authority over your financial institution or bank can get in touch with them when you are not able to. The company then discloses account information to the trusted contact, but they will not be able to make a transaction. Another option is giving individuals access to the account. These are viewed only by users who can monitor the transaction but cannot conduct the business. It is a safe option because you get an individual to watch the account, but they will not get to withdraw the money.
Track investment, bank account, and credit card
Tech tools often detect suspicious activities like unusual withdrawals, abrupt alterations in spending patterns, and missing deposits. These notify you, and thereby you have to take the necessary steps. Remember that the protection of the resources is your utmost priority. You must identify the fraud and then take the required steps. A trusted lawyer can help you sail through the steps from reporting the incident to mitigating the losses in these areas.
Keep your lawyer updated
The natural result of aging is losing connection through retirement, death of family members, spouses, and friends. Social isolation is a pressing problem. Hence, you have to maintain close contact with your lawyer and visit them regularly. If you cannot meet them individually, you can contact them through video calls, phones, texts, and emails. Remember that this increases the risk of financial exploitation.
Try to encourage them to be involved in your case and provide you with voluntary services. Remember that only a reputed lawyer can help you with necessary services and assist you in making a good financial decision.
