Financial abuse of older adults is a growing concern in the U.S. It often happens when someone exploits an older person’s trust or limited awareness to access their money or property. This can include scams, manipulation or pressure from people close to them.
What steps can you take to protect your loved ones from this type of abuse?
What financial abuse can look like
Financial abuse can take many forms. It might involve unusual withdrawals from bank accounts, missing property, unpaid bills or changes to legal documents like wills or titles. In some cases, elders may be pressured into giving money or signing over control of their finances. Abusers are often people the elder knows well, including caregivers, relatives or close friends.
Steps to reduce the risk
One way to reduce the risk is to help older relatives stay involved in their financial affairs. Encourage them to review statements regularly and question anything that seems unusual. Limiting access to sensitive financial information and setting up automatic bill payments can also reduce risk.
Virginia allows for financial tools such as durable powers of attorney and revocable living trusts. These can help manage money securely, but they must be created while the person is still competent. Choosing someone trustworthy for any financial role is critical.
If you suspect financial abuse, it can be reported to Virginia Adult Protective Services. Reports can be made confidentially and may lead to an investigation. It’s also helpful to keep detailed records of finances and to stay connected with elderly relatives. Isolation can increase vulnerability, so regular check-ins are important.
Protecting older adults from financial harm starts with awareness and early action. Seeking legal guidance will help you explore your options in more detail.
