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What Are Some Signs of Financial Elder Abuse?

By March 7, 2021 No Comments

Seniors are vulnerable for a number of different reasons. They may not be as sharp as they used to and don’t know what’s happening around them. They are also not as mobile, have trouble making their own decisions, and are reliant on their caretakers to watch over them.

One of the ways in which someone can take advantage of an elderly person is by abusing them in a financial manner. Here are some signs of abuse and what you can do about it to help them.

Funds Have Disappeared

If you have access to a senior’s bank account and notice that some funds have gone missing, then that means someone might be stealing from them. This person either got a hold of the account information like a pin number, or they manipulated the senior into withdrawing money.

The Will and Beneficiaries Have Changed

An elderly person may have created their will and named their beneficiary designations years ago. This is because they wanted to do it while they still were mentally capable. Now, the will has suddenly changed and there are different beneficiary designations on the life insurance policy and retirement account. That could be a sign of abuse.

There Are Unexplained Charges

A senior may use their credit or debit card for things like groceries, medical care, and utility bills. If you notice any strange charges on their bank or credit card statement, then that may be a red flag.

Contacting an Estate Planning Attorney

If you believe that an elder is being abused and taken advantage of when it comes to their finances, then contact the estate planning attorneys at Legacy Law Group in Eastern Washington, Spokane Valley, and Spokane itself. Get in touch with us at (509) 315-8087.