Protecting Your Golden Years

With more than 30 years of experience

3 protective measures against financial exploitation

On Behalf of | Nov 12, 2021 | Estate planning |

As many Georgia residents and those elsewhere get on in years, they lose many of their physical and cognitive abilities. While this is often a natural process, it is one that presents the need for protection as elderly individuals often face various vulnerabilities. In some cases, unscrupulous individuals may try to take advantage of an elderly person through financial exploitation.

While some people may think that this is not something that could or would ever happen to them, it is a real possibility. These threats can come from unexpected places, such as a family member trying to obtain some financial gain, or could come from professional scammers who know how to confuse and manipulate the elderly. As a result, it is wise for individuals to put protective measures in place while they still have the sound mind to do so.

Some ways that individuals could help prevent such exploitation later include the following:

  • Creating a financial power of attorney to ensure that a trusted person is in charge of financial decisions
  • Obtaining regular updates on financial accounts and credit cards to ensure that no suspicious activity is taking place
  • Designating a trusted contact for financial accounts in case the institution cannot get in contact with the primary account holder

Various other steps could help protect assets and elderly individuals from financial exploitation. In fact, some of these steps could be included in a person’s estate plan. As a result, interested Georgia residents may want to gain information on the options available for protecting themselves and possibly their loved ones who are in vulnerable situations.