Financial abuse is experienced by the hefty number of elder people in the US. It has frequently increased at a rapid rate. Such abuse is perpetrated by the family members, most of which are guardians. It’s a common type of elder abuse. The intensity of abuse is unknown, but there are some dealings that can protect the elder person from this type of misconduct.
Guardianship becomes necessary because an adult becomes incapable to make an informed decision. Mainly, a guardianship is a legal relationship when the state court grants a person or an entity the responsibility and authority to make a decision in the best interest of the disabled person. This involves an older adult, who have a great concern for his or her property. While most of the guardians act on behalf of the guardianship, some might engage in the abuse of elder adults.
What can be done to avoid financial abuse by the family members, guardians, and others?
Know the Risk Factors
Social confinement and intellectual disability are among the known risk factors for the elder abuse. Remember, stay socially engaged and active. Social confinement increases the risk of becoming a victim. In case somebody is isolating you from your family members, friends, or others in your community. In case you seek some help; you can have a word with us. Being a Guardianship Attorney, we can help you with this.
Avoid Joint Accounts
Never set up a joint account as a method of planning for the disability or getting assistance with paying your bills. Both parties are equal owners and have equal access. Instead, I can help you with your finances.
Try Not to Succumb To Pressure
Never give anybody a chance to rush or pressure you into signing a document, buying something or giving away your property or money. Take your time. In case you feel pressured or rushed to act, never act.
Beware of the Family Members
A myriad of elder people who suffer financial abuse is wrongly treated by people who are very close to them, for example, their family members, or friends. So, beware of this thing.
Involve a Financial Team in Your Affairs
The most essential thing which elder people address for financial abuse is to indulge several parties in handling their financial affairs. By involving any third party you can give an additional layer of oversight. This is because they can identify potential issues before they occur.
Set Up a Revocable Trust
Take into account a revocable trust with a trustee. This is because there’s no better protection besides this for an elder person. The corporate trustees are regulated financial entities in the industry. These are regulated by FDIC, OCC, and state banking commission.
Execute a Durable Power of Attorney
A durable power of attorney is considered as an essential estate planning tool. It’s a legal document that provides somebody that you select the power to act in your place should you become mentally disabled. Remember, a person who has durable power has unlimited access to your finances. Ensure that a person with such a power sends copies of all the transaction as well as investment and credit card statements, duplicate banking, to the financial team every month.
Keep Your Home
Never give your home to someone in exchange for a promise to care for you or enable you to live there as long as you reside. Such kinds of promises can be broken any day. Maybe a day might come where you find yourself without a home.
Methods to Protect Yourself
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