Elder Exploitation: Are Seniors at Risk for Power of Attorney Abuse?
When you think of elder abuse, physical violence or neglect may come to mind. However, financial exploitation is one of the most common forms of elder abuse. This happens when someone takes advantage of an older person’s vulnerability for personal gain. Oftentimes the abuser does so by illegally obtaining power of attorney over the victim. When this type of power of attorney abuse towards elders occurs, it’s important to stop it right away before irreparable damage is done.
What can you do to protect yourself or a loved one from becoming a victim of financial elder exploitation? One important step is to understand the signs and risks associated with this type of abuse. Read on to learn what power of attorney abuse is, recognize the signs of this abuse, and find out when to contact an attorney. At Avera & Smith, our lawyers in Gainesville have years of experience helping families fight back.
What is Power of Attorney?
Before talking about power of attorney elder abuse, it’s important to understand what power of attorney means. Power of attorney is a legal document that gives someone else the authority to act and make decisions on your behalf. This can be especially helpful if you become incapacitated or otherwise unable to make decisions or act for yourself. You can give power of attorney to anyone you trust, including a spouse, child, friend or financial advisor.
In Florida, there are three main types of power of attorney: general, limited, and durable.
General power of attorney gives the designated person broad authority to handle your affairs. This might include managing your bank accounts, paying your bills, and even buying or selling property.
Limited power of attorney is used for specific purposes and for a limited duration. For example, limited power of attorney can be used when someone is traveling out of the country and needs to designate someone to act on their behalf, such as signing legal documents, while they are away.
Durable power of attorney means that the power you give the person stays effective after you become incapacitated. Durable power of attorney can be general or limited in nature.
How Can Power of Attorney Be Abused?
You might be wondering how someone could abuse the power of attorney. Unfortunately, there are a number of ways that power of attorney elder abuse can happen.
– Withdraw large amounts of money from your bank account without your permission
– Sell your property without your knowledge or consent
– Use your credit cards without your authorization
– Change the beneficiaries on your life insurance policy
– Take out loans in your name
– Access your pension or retirement accounts
These are just some examples of how power of attorney can be abused. If you suspect that someone is abusing their power of attorney, document it and take action right away.
Signs of Power of Attorney Abuse
There are a few signs that may indicate power of attorney abuse is happening, whether it is happening to you or an elderly loved one.
– Sudden changes in your will or other financial documents
– Large withdrawals from your bank account that you don’t recognize
– Unusual activity on your credit card statements
– Unexplained transfers of property ownership
– Changes to the beneficiaries on your life insurance policy
– Missing funds from your retirement or pension accounts
If you see any of these red flags, it’s important to contact an experienced elder law attorney right away. An attorney can help you investigate what’s happening, take steps to protect your assets, and help bring the consequences of abuse of power of attorney onto the abuser.
Taking Action Against Power of Attorney Abuse
If you suspect that someone is abusing their power of attorney, there are a few steps you can take. First, you should contact an experienced elder law attorney. An attorney can help you investigate the situation and take steps to protect your assets. At Avera & Smith, we can help with power of attorney elder abuse.
You should also consider contacting the police or filing a report with Adult Protective Services. These agencies can investigate what’s happening and, if necessary, take legal action against the abuser.
Finally revoke the power of attorney altogether. This will prevent the abuser from being able to access your accounts or make decisions on your behalf or on behalf of a loved one. Revoking power of attorney can be a complicated process, so it’s important to work with an experienced attorney.
Preventing Power of Attorney Abuse
The best way to deal with power of attorney abuse is to prevent it from happening in the first place. Here are a few steps you can take to protect yourself and your loved ones:
- Choose someone you trust: When choosing someone to give power of attorney to, it’s important to select someone you trust implicitly. This might be a spouse, child or close friend. Avoid giving power of attorney to someone who has a history of financial problems or to someone who you don’t know well.
- Review your documents regularly: You should review your power of attorney documents at least once a year. This will help ensure that they still reflect your wishes and that the person you’ve chosen is still someone you trust.
- Keep your documents in a safe place: You should keep your power of attorney documents in a safe, accessible place. This might be a safe deposit box or home safe. You should also give copies of the documents to your attorney and the person you’ve chosen to have power of attorney.
- Stay involved in your finances: Even if you’ve given someone power of attorney, you should still stay involved in your finances. This means regularly reviewing your bank statements, credit card bills and other financial documents. If you see anything unusual, take action right away.
Power of attorney elder abuse is a serious problem that affects seniors all over the country. If you suspect that someone is abusing their power of attorney, it’s important to take action right away. An experienced elder law attorney can help you investigate the situation and take steps to protect your assets or the assets of a loved one.