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There are some situations when a loved one should perform financial mandate that gives agent immediately authorized to make financial decisions. Financial dealers are one of the easiest ways to commit elder financial abuse.
The preferred method is to require that the government agent is provided until two qualified doctors declare in writing, under penalty of perjury, that senior is mentally incompetent and unable to make wise financial decisions.
Although still not foolproof, this requirement gives great protection against financial abuse. A bad guy will now take two doctors in order to carry out a rip-off.
It is always possible that the perpetrator will simply carry over the new mandate that revokes all previous powers and gives agents immediate power. When family and friends are active participants in the life of the elder, Crook will have much more difficulty in accomplishing this without being caught.
When a senior has no immediate family or friends, the chances of being financially abused greatly increased. However, there are still some preventive measures that can be taken to reduce risk.
Talk to bank staff and other financial institutions where money is invested elder. Show them the mandate and explained that its purpose is to protect older if someone tries to take advantage. Suggest additional protection that requires two qualified medical doctors confirm the lack of older capacity before the agency is effective.
Ask them to red flag elder’s accounts by installing computer icons to bank staff should question significant withdrawals or unusual activity.
In my city and state (Riverside, California), such songs are making all bankers a mandated reporter. This requires staff banks to report any reasonably suspicious activity to the police. In states where similar laws exist, bankers get some training to recognize the signs of financial abuse in order to comply with the mandated reporter requirements.
Many family members feel at broaching the subject mandates, in fear that their elderly loved one can take offense and tell them to mind their own business. Every family has their own unique dynamics. However, you can ease some of the awkwardness by making some of your own research and share it with your loved one. Many counties agencies have information brochures that explain the purpose of creating the power of attorney and how they can assist in finance.
Delay coverage often results in no action being taken. Then, when necessary, it is often too late, because the former no longer required mental capacity needed to implement mandates.
There is no surefire way to avoid financial exploitation of an elder. However, through education, dialogue and assistance to financial institutions involved, and with the help of a qualified elder law attorney, power of attorney can be put in place that ensures the piece of mind that the probability of financial abuse are minimal.
By :. George F. Dickerman, Esq
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