As we grow older, some of us may choose to involve other people in our financial decision-making and management. We may already have an accountant or financial planner, and for lots of reasons, we might decide to get some assistance from family members or friends.
This can be a great practical help, and it often works well. However, we should always be in charge of our own financial decisions. Our helpers should only be enacting our decisions and wishes. They shouldn’t be making our decisions the way they want or without asking us.
Have we ever felt uncomfortable about another person’s involvement in your money decisions?
Do we ever see transactions on our bank statements or accounts that we didn’t authorise or ask for?
Do conversations about our financial decisions ever turn into disagreements?
Are we feeling pressure from someone to make financial decisions about our money the way they want?
Are we having to always ask people to show us regular bank statements and receipts?
Are we being rushed to sign papers before we can understand exactly what they are about or get some expert advice?
Is someone pressuring us/you to change y/our will?
Is someone pushing us to put their name on our house title?
Are we being asked to go guarantor on a loan, even if our own home is the only security for the bank?
Are we being expected to pay for a granny flat to live in with no written agreement in place to guide us if anything goes wrong?
If these sorts of things are happening, it could be a sign of financial elder abuse. ‘Elder abuse’ is a term used to describe mistreatment or abusive behaviour towards an older person, or a lack of care that results in their harm or distress. It can happen in all kinds of relationships and situations, it can be deliberate or unintentional, and it can be hard to recognise.
Financial elder abuse is the theft or misuse of an older person’s money, assets or property. Sometimes it involves threats and intimidation, but not always. It can be quiet and hidden, and it can look like helpfulness.
Sometimes, financial elder abuse can arise through the misuse of a power of attorney. It’s important to have this document, but it’s wise to involve a solicitor when we appoint our attorneys and put into writing exactly how we want them to help us with decisions if a time comes when we need them to. This reduces the chances of someone misusing the document that’s designed to protect our choices.
When we have other people helping us manage money, things usually go well. But if something isn’t right, we should take notice of the warning signs and get some expert help. That could be all that’s needed to protect our finances, home and security.
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