Elder Financial Abuse
Discover how estate planning tools like trusts and powers of attorney protect seniors from financial exploitation and unauthorized access to their assets.
How can I protect my elderly parent from financial scams and exploitation?
Estate planning documents provide several protective layers. A revocable living trust can limit access to assets by requiring trustee approval for major transactions. A durable power of attorney should name a trusted person to handle finances if your parent becomes incapacitated, preventing strangers from gaining control. Consider adding a trusted contact person to financial accounts who can be notified of unusual activity. Regular monitoring of bank statements and credit reports also helps detect unauthorized transactions early.
