This factsheet offers ways to empower older people to prevent financial abuse. Tips include:
be clear with family members about how and when you intend to distribute inheritances
don’t be pressured to hand over an inheritance prematurely
be clear about what you intend to do with your money, including assets like the family home
don’t give others your PIN or other bank details
don’t be pressured to draw down or sell financial assets, including your family home, if you don’t want to
be clear if money is a loan or a gift
write out legal contracts if lending any money
think carefully about being a guarantor for someone, even a family member, as you could lose your home if they default on the loan
be clear about plans and expectations if moving into a shared living arrangement with family members. Document what your financial share in the new property is and make sure your name is on the Title.
seek independent legal advice
think about what might happen to you if your adult child’s living arrangements change, such as if they get divorced
discuss your expectations with regards to shared living arrangements. This could include whether you will be expected to cook or baby-sit
stay connected and engaged in the community around you. The more isolated an older person is, the more vulnerable they are to abuse.
obtain and read carefully information on an enduring power of attorney. Think carefully about who you trust to have your enduring power of attorney
consider getting legal advice on an enduring power of attorney
keep a copy of your enduring power of attorney documents for yourself and inform other family members and friends about them
don’t sign anything you have not completed yourself.
:format():fill())
:format():fill())
:format():fill())
:format():fill())
:format():fill())