Avoiding Elder Financial Abuse with Legal Documents

Elder financial abuse is the illegal or improper use of an elderly person’s funds, property, or assets. It can include theft, fraud, scams, and other types of financial exploitation.

Legal documents such as power of attorney, living trusts, and wills can help prevent elder financial abuse by designating a trusted individual to manage an elderly person’s finances and make important decisions on their behalf.

Power of attorney is a legal document that designates a trusted individual to manage an elderly person’s finances and make important decisions on their behalf if they become unable to do so themselves. This person is known as the “attorney-in-fact” or “agent.”

A living trust is a legal document that allows an elderly person to transfer their assets into a trust while they are still alive. The trust is managed by a trustee, who is designated by the senior, and can be used to manage and distribute the senior’s assets after their death.

A will is a legal document that outlines how an elderly person’s assets will be distributed after their death. It is important to have a will to ensure that their wishes are carried out and to prevent disputes among family members or other beneficiaries.

When looking for a trustworthy attorney to help with legal documents related to elder financial abuse, it is important to look for someone with experience in this area of law, who is licensed and in good standing with their state bar association, and who has good reviews and recommendations from past clients.

If you suspect elder financial abuse, it is important to report it to the authorities immediately. This can include local law enforcement, adult protective services, or the state attorney general’s office. You should also contact a trusted attorney to help you protect the senior’s assets and pursue legal action if necessary.