Elder Financial Abuse and Elder Financial Fraud

Elderly people can be quite vulnerable to elder financial abuse. As people age, they become more frail. The frailty is usually physical but may also be mental or cognitive. It is generally much easier to exert pressure onto or over an older person than it is with a younger person, Why is this? It is in some way related to the person’s increasing physical frailty, It may also be related to an aging brain, but not necessarily so. It is often a combination of the two which makes older people more vulnerable to exploitation, or potential exploitation, or more prone to being swayed by the opinions or wishes of other people,

What is Elder Financial Exploitation?

Elder financial exploitation occurs when a person (or persons) exerts some form of pressure. on an elderly person, which has the effect of the elderly person agreeing to certain things in relation to their finances, savings or spending, that they might not otherwise agree to if they were young and healthy. While younger people are able to speak up for themselves and openly express their views and wishes, the courage to do this can diminish as people age.

Unfortunately, exploitation of elderly people is a relatively common occurrence, and sadly the perpetrator of the exploitation, or the elder financial abuse, is most often a family member.

The financial abuse of a vulnerable person (and many elderly people are  vulnerable) can occur in several ways. Taking advantage of elderly financially can be achieved by violence in the most extreme cases, or by overtly threatening the elderly person, but elder financial fraud can be (and usually is) much more subtle.

Taking financial advantage of the elderly person is often perpetrated by the person with the most contact with the elderly person. It may be a family member who lives with the elderly person, or who visits often and provides some form of care or assistance.

Are There Laws Protecting Seniors from Financial Abuse?

There are no specific criminal offence laws protecting elderly from financial abuse, unless the actions being taken amount to elder fraud abuse. Fraud is a specific concept under the criminal law. It is basically stealing someone’s money or assets, or some other intentional deception to secure an unfair or unlawful gain. If you suspect, or have evidence, that someone is taking advantage of an elderly person financially in such a way, then you could take steps in reporting elder financial abuse to Police. However, investigating elder financial abuse and fraud, and proving elder financial abuse can be difficult, and Police may well be reluctant to become involved in what they may consider to be family, or civil, issues.

So are there any specific elder financial abuse laws to protect people from this type of fraud?

Elder Financial Abuse Lawyer

An elderly person who still has the cognitive capacity to do so, can appoint someone under an Enduring Power of Attorney. This is a document that needs to be prepared and witnessed by a lawyer. It can certainly prevent financial abuse in the future if the elderly person appoints a trustworthy person for this role. An Enduring Power of Attorney gives the person appointed (the “Attorney”) the power to deal with the elderly person’s financial affairs on the elderly person’s behalf, particularly when the time comes when the elderly person can no longer do so themselves.

The Guardianship Division of NCAT (the NSW Civil and Administrative Tribunal) can do a number of things in relation to financial abuse or suspected financial exploitation of vulnerable adults, including reviewing Enduring Powers of Attorney, deciding whether a Financial Management Order is needed, and if so, who should be the financial manager.

Brigitte Simeonides has extensive experience in dealing with vulnerable adults of all ages, and particularly elderly people. She can provide advice and assistance to elderly people (and people of all ages) in relation to Enduring Powers of Attorney, and can also provide advice, assistance, and in appropriate cases representation in relation to NCAT Guardianship Division proceedings, including where elder fraud abuse is present and you may be looking for a financial elder abuse lawyer

Call Brigitte Simeonides for a discussion and/or appointment – (02) 9533 2269