It is a common concept to want companionship, and elders are no exception. Unfortunately, an elder with diminishing capacity can easily become a victim of financial abuse if they and/or their advocates are not careful to watch for the indicators of elder mistreatment. Here are a handful of possible indicators of elder financial abuse to be aware of and look for:
- Unpaid bills, eviction notices, or notices to discontinue utilities.
- Withdrawals from bank accounts or transfers between accounts that the older person cannot explain.
- Bank statements and canceled checks no longer come to the elder’s home.
- New “best friends”.
- Legal documents, such as powers of attorney, which the older person didn’t understand at the time he or she signed them.
- Unusual activity in the older person’s bank accounts including large, unexplained withdrawals, frequent transfers between accounts, or ATM withdrawals.
- The care of the elder is not commensurate with the size of his/her estate.
- A caregiver expresses excessive interest in the amount of money being spent on the older person.
- Belongings or property are missing.
- Suspicious signatures on checks or other documents.
- Absence of documentation about financial arrangements.
- Implausible explanations given about the elderly person’s finances by the elder or the caregiver.
- The elder is unaware of or does not understand financial arrangements that have been made for him or her.