Warning Signs of Elder Financial Abuse
Elder financial abuse has become a growing phenomenon, as more and more baby boomers enter retirement age. Keeping up with your financial affairs can become increasingly difficult as you age, which may lead you to enlist friends or caretakers to provide assistance. It can be difficult to determine whom you can trust and who believes that unfettered access to the accounts and assets of an older adult means that they can treat it as their personal piggy bank. It can even be embarrassing to admit that someone you trusted has betrayed that trust, or that you were made the victim of a scam that resulted in a great loss to you. Don’t feel ashamed; seek help from a trusted friend or attorney to get help protecting your assets so that you can rest knowing that your estate will be available for all your retirement needs and will be passed down to your heirs as you intended.
If you notice anything like the following, you may potentially be a victim of financial abuse:
- Your account shows a withdrawal you don’t recall making
- A salesman comes to your door to tell you that your home is in need of repairs that you did not believe needed to be made
- You receive an offer for a financial investment opportunity over the phone
- You receive a call from an individual claiming to be calling from your bank and insisting you give out personal information, such as your social security number
- A second name is added to a financial account not authorized by you
- You find documents you don’t recall signing, or where your signature does not look authentic
- Important bills appear to be piling up, despite the fact that you’ve tasked someone with paying them, and money is missing from your account.
A qualified wills and trusts attorney can help you choose and assign a power of attorney to a trusted individual to provide an additional safeguard of your assets, and can help you create a will or trust to ensure your assets are protected.
If you have concerns that a relative or caretaker may be stealing from you, or if you need help to draft a will or trust, seek legal help you can rely on. Contact a Glen Allen trust and estate attorney at Farmer Legal, PLLC at (804) 325-1441, for a free consultation regarding your concerns. We are available to provide assistance throughout Central and Southwest Virginia, as well as throughout Richmond, Glen Allen, Midlothian, Mechanicsville, Henrico County, Hanover County, Chesterfield County and Powhatan County.