Financial Elder Abuse Is…
The illegal, unauthorized, or improper use of an older person’s resources for monetary or personal benefit, profit, or gain, or that results in depriving an older person of rightful access to, or use of, benefits, resources, belongings, or assets.
Examples include but are not limited to:
- Misusing or stealing an older person’s money or possessions
- Coercing or deceiving an older person into signing any document such as a contract or will
- Improper use of conservatorship, guardianship, or power of attorney
Signs Of Financial Elder Abuse Are…
- Fraudulent signatures on financial documents
- Unusual or sudden changes in spending patterns
- Unpaid bills
If You Suspect Financial Elder Abuse, Ask…
- Is the older adult aware of the status of their financials?
- Who pays the bills?
- Does the older adult have a substitute decision maker, like a power of attorney or guardian? If so, make a record of who is named and obtain a copy of the document.
- Is the substitute decision-maker abusing their authority?
- Is the older adult’s money being used appropriately for their care and needs?
If You Suspect Financial Elder Abuse…
- Use the First Responder Checklist to document whether there have been any missing funds, sudden changes in a will, or new credit card applications. Also make note of the victim’s overall level of independence and functioning.
- Review the Evidence Collection Checklist for important information to gather, such as collecting Power of Attorney (POA) documents for finances and any other relevant financial documents
- Visit the National Elder Abuse Resources page for more information on national agencies to report fraud and exploitation.
- For complex financial cases, consult a multidisciplinary team, which may contain forensic accountants and financial institution representatives.
