With so many of our lovely ageing senior people being abused, coerced or harassed by unscrupulous individuals as they exploit them to gain access to their assets - their house or money, it's even more shocking to find it can often be family members who commit this form of betrayal. The older and vulnerable people do not like it, not one bit! They are not only embarrassed but humiliated. Fraud is financial abuse.
Finances and Inheritance Lost or Stolen
If a family member may have committed the low act, they are often reluctant to take action. There are others who can be affected as well. Not only does the elderly person often lose their freedom to make lifestyle choices as their wealth is taken, but more often than not, in the process someone's inheritance is lost or stolen.
The people who commit this despicable act do not seem to be concerned if they humiliate older people or take someone's inheritance. It can be a devastating experience for an elder person as they not only have their money taken but they can lose their house, their means to support themselves, and their right to choose how they want to live.
Awareness Can Lead to Prevention
It's prevalent and situations are often best dealt with in advance if possible, by taking action to prevent it. There are unfortunately unscrupulous individuals who will scheme, lie, manipulate, actively participate in defamatory behaviour, just to gain access to a senior elder or vulnerable person and their assets. They actually plan to do it, it's as though these financial perpetrators go through some bizarre character change. The thought of having access to the money or the house, seems to become far more important than the welfare and well being of an older person.
A disgraceful act devastating too many, the Ultimate Betrayal impacts older people who should be able to feel comfortable at that stage in their lives, not frightened or upset because someone is trying to take their assets, or worse, has already taken their assets. Being aware of the possibilities beforehand is key, as is being aware of what happens to an senior or older person in the process, while the perpetrators are manipulating them and taking their money. This is another reason why, if you can, it's best to be aware and plan ahead. In some cases this may make intervening much less difficult if financial abuse occurs, or even better, prevent such abuse entirely.
By Anne McGowan
To find out more about wealth abuse and prevention you can refer to Protecting Seniors Wealth Guide