Your elderly relative has worked hard for many years. Their assets and savings are proof of this. Once you are no longer able to work, these assets can soon disappear though if caution is not exercised.
You do everything you can to protect the best interests of your loved ones, but it can be difficult to monitor the situation all the time. Your inheritance and that of your family members may be placed at risk by the financial exploitation of your elderly relatives.
What are some factors that place your relatives at an increased risk of financial exploitation?
Mental well-being
As a person gets older, it can become more difficult for them to manage their finances. Cognitive conditions such as dementia and Alzheimers may start to kick in, making your loved ones forgetful and more susceptible to financial exploitation. To combat this, you may want to help your family member implement estate planning tools that ensure that someone who is trustworthy can make financial decisions on their behalf.
A more trusting attitude
Some studies indicate that the older you become the more trusting your outlook can be. While this is an admirable quality to possess, it can leave elderly people in a position to be exploited. Make sure you keep an eye on who your relatives have been talking to over the phone. Scammers are notorious for purposely targeting older individuals.
Simply being around your family as much as possible can offer them comfort and protection. However, you also want to ensure that they are legally protected too. Seeking guidance from someone with experience in elder law can help put your mind at ease in this regard.