World Elder Abuse Awareness Day occurs every year, providing an opportunity for communities to stand together against the abuse, mistreatment and neglect of older people.
Current Statistics
- Recent studies of elder abuse in Australia found that 14.8% of those aged 65 and over had experienced at least one recognised form of elder abuse over the previous 12 months.
- The incidence of abuse towards older people is predicted to increase with the ageing population. By 2046, the number of Victorians aged 60+ is expected to increase by around 60% to more than 2.3 million people, meaning approximately 25% of the population will be 60 years of age or older.
What is Elder Abuse?
- Elder abuse comes in many forms. It can be financial, psychological or emotional, physical, sexual, or social.
- Elder abuse can occur once, or many times and can vary in severity from subtle through to extreme.
- Most often, elder abuse is carried out by someone known to the older person, with two thirds of abusers being an adult child. Abusers can also be other family members, intimate partners, carers or friends.
Financial Abuse
Financial abuse is the illegal or improper use of an older person’s assets. Assets can include property and finances.
Abusive behaviours include:
- Threatening, coercing or influencing a person to change their Will or sign documents relating to their assets;
- Taking control of a person’s finances against their wishes and denying access to their own money;
- Abusing Powers of Attorney by taking money or property;
- Stealing goods, e.g. jewellery, credit cards, cash, food or other possessions; and
- Stealing money such as pension–skimming and selling belongings without the person’s permission.
Signs Someone is Subject to Financial Elder Abuse
- Unexpected or unexplainable changes to Wills
- Inability to access bank accounts or financial statements
- Large sums of money missing from bank accounts
- Strange or unexplainable transactions
- Recent addition of a signature on a bank account
- Inability to pay bills or essentials for the home including food, clothing or utilities
- Disparity between living conditions and money
- Providing gifts or monetary reimbursement in exchange for companionship
What steps can be taken?
When planning for your future, it is advisable to speak with an estate planning lawyer about making Enduring Powers of Attorneys. Proactively planning for who will manage your legal, financial and lifestyle affairs means that you are selecting people who you trust at a period in your life when you are in a strong position to do so. Failure to make these appointments can leave you exposed to scrupulous individuals trying to take advantage of a vulnerable person.
If you're concerned about a client or a family members who may be subject to financial elder abuse, there are avenues to get further transparency. For example, an application to the Victoria Civil and Administrative Tribunal (VCAT) may result in the removal of a rogue financial attorney and the appointment of someone more trustworthy. It is also possible to make an application for compensation against a rogue attorney.
How we can help
For more information about legal methods which prevent financial elder abuse please contact Ilana Kacev, Principal or our Wills and Estates Team who are always happy to help.
For more information about Enduring Powers of Attorney, please read our previous Alert: Incapacity: Choose Who Makes Decision for You.
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