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How to Recognise Elder Financial Abuse
Q: I’m worried about my grandfather who is living with my uncle. I suspect my uncle is taking advantage of my grandfather’s money. What are the signs of elder financial abuse?
A: Sadly, elder financial abuse is becoming more common, and even more distressing, it’s usually family members or close friends who are the perpetrators of this crime against our most vulnerable.
It’s not always easy to spot the abuse, so it’s important to be aware of these common signs:
1. Taking money. One of the most common signs of elder financial abuse is the perpetrator simply taking and using money from the accounts. You may notice unusual withdrawals, transfers and cheques from your grandfather’s accounts. This can include bank accounts, savings, investments, superannuation and other accounts. Your grandfather may not understand or know about the withdrawals or cheques. Your uncle may even be cashing out the accounts.
2. Forced (or even forged) signatures on documents. Your uncle may be forcing your grandfather to sign over property deeds or make a new will. He may also try to get your grandfather to sign a power of attorney, so your uncle can take control of your grandfather’s finances. If you suspect this is the case you need to get legal advice immediately.
3. Unpaid bills and disconnection notices. A pile of unpaid bills can be a sign that your uncle is using your grandfather’s money for himself instead of paying the bills. Your grandfather may not even be aware of the unpaid bills. Your uncle could be lying to your grandfather about paying the bills, while he is actually spending the money on other things.
4. Account statements with address changes. If your grandfather hasn’t moved, then the account statements shouldn’t have different addresses. Your uncle may change the addresses to receive the statements elsewhere. This makes it easier to control the finances and cover his tracks.
If you suspect that your grandfather may be the victim of elder financial abuse, then it’s important to get help. You may need to contact the police and get a solicitor involved, at the very least you and your uncle need to have a serious conversation about what you suspect. At best you'll discover everything is fine, at worst you'll find your fears are true. Either way you'll be able to ensure that your Grandfather is properly taken care of and kept financially secure.
A: Sadly, elder financial abuse is becoming more common, and even more distressing, it’s usually family members or close friends who are the perpetrators of this crime against our most vulnerable.
It’s not always easy to spot the abuse, so it’s important to be aware of these common signs:
1. Taking money. One of the most common signs of elder financial abuse is the perpetrator simply taking and using money from the accounts. You may notice unusual withdrawals, transfers and cheques from your grandfather’s accounts. This can include bank accounts, savings, investments, superannuation and other accounts. Your grandfather may not understand or know about the withdrawals or cheques. Your uncle may even be cashing out the accounts.
2. Forced (or even forged) signatures on documents. Your uncle may be forcing your grandfather to sign over property deeds or make a new will. He may also try to get your grandfather to sign a power of attorney, so your uncle can take control of your grandfather’s finances. If you suspect this is the case you need to get legal advice immediately.
3. Unpaid bills and disconnection notices. A pile of unpaid bills can be a sign that your uncle is using your grandfather’s money for himself instead of paying the bills. Your grandfather may not even be aware of the unpaid bills. Your uncle could be lying to your grandfather about paying the bills, while he is actually spending the money on other things.
4. Account statements with address changes. If your grandfather hasn’t moved, then the account statements shouldn’t have different addresses. Your uncle may change the addresses to receive the statements elsewhere. This makes it easier to control the finances and cover his tracks.
If you suspect that your grandfather may be the victim of elder financial abuse, then it’s important to get help. You may need to contact the police and get a solicitor involved, at the very least you and your uncle need to have a serious conversation about what you suspect. At best you'll discover everything is fine, at worst you'll find your fears are true. Either way you'll be able to ensure that your Grandfather is properly taken care of and kept financially secure.