The Role of Senior Legal Services in Protecting Against Financial Exploitation

Financial exploitation of seniors refers to the illegal or improper use of a senior’s funds, assets, or property. It can take many forms, including theft, fraud, and undue influence, and can have devastating consequences for the victim’s financial security and overall well-being.

Unfortunately, financial exploitation of seniors is a growing problem. According to the National Council on Aging, it is estimated that seniors lose approximately $36.5 billion annually to financial abuse and fraud.

Senior legal services can play a critical role in protecting against financial exploitation. These services can provide legal advice and representation to seniors who have been victims of financial abuse or who are at risk of becoming victims. They can also help seniors create or update their estate planning documents, such as wills and trusts, to ensure that their assets are protected and distributed according to their wishes. Additionally, senior legal services can work with law enforcement and other agencies to investigate and prosecute cases of financial exploitation.

There are many warning signs that may indicate that a senior is being financially exploited. These can include sudden changes in the senior’s financial situation, unexplained withdrawals or transfers of funds, new “best friends” or caregivers who seem to have undue influence over the senior’s decisions, and changes to estate planning documents that seem to benefit someone other than the senior. It is important to be vigilant and report any suspicious activity to the appropriate authorities.

If a senior suspects that they are being financially exploited, they should contact their local senior legal services organization or other appropriate authorities immediately. It is important to act quickly to prevent further harm and recover any lost funds or assets. Seniors can also take steps to protect themselves, such as reviewing their financial statements regularly, being cautious about sharing personal information, and updating their estate planning documents.

Family members and caregivers can play an important role in protecting seniors from financial exploitation. They can help monitor the senior’s financial accounts and transactions, be alert for warning signs of exploitation, and report any suspicious activity to the appropriate authorities. It is also important to have open communication with the senior about their finances and estate planning, and to involve them in any decision-making as much as possible.