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Financial Elder Abuse: A Serious Issue Affecting Older Australians

#elderabuseawareness #protectingtheelderly #financialadvice #lawyers #guardianshiplawyer

As a guardianship lawyer, I've seen first-hand the devastating effects of financial elder abuse on Australian seniors.

If you are a financial advisor, read this blog for signs that financial elder abuse may be happening to your clients, and what role you can play in protecting your clients.

Financial elder abuse is a serious issue that affects many older Australians every year. Elder abuse can take many forms, including financial exploitation, physical abuse, and emotional abuse.

As financial advisors, you are often in a prime (and sometimes ‘only’) position to be aware of the signs of elder abuse and to take action when you suspect that a client may be at risk.

The following are 5 signs that financial elder abuse may be happening:

  • Sudden changes in financial arrangements, such as the appointment of a new power of attorney or the transfer of assets to a new account.

  • Unexplained withdrawals from accounts or the use of an elderly person's funds without their knowledge or consent.

  • The appearance of new "friends" who are taking an interest in the elderly person's financial affairs, especially if they seem to be trying to isolate the person from their family and trusted advisors.

  • Changes in the elderly person's demeanour or behaviour, such as increased confusion or agitation, that may be caused by financial stress or exploitation.

  • Unexpected changes in the elderly person's financial situation, such as sudden debts or unpaid bills.

To help protect your clients from elder abuse, there are several steps you can take:

  1. Stay in regular contact with your clients. This will help you to stay informed about their financial situation and to identify any changes that may be cause for concern.

  2. Be aware of the signs of elder abuse. If you notice any unusual activity in your client's accounts or if you have concerns about the well-being of an elderly client, it's important to take action.

  3. Work with other professionals. If you have concerns about a client, consider reaching out to other professionals, such as lawyers or social workers, for guidance on how to proceed.

  4. Educate your clients about the dangers of elder abuse. Help your clients to develop strategies for protecting themselves, such as setting up a power of attorney (if they have capacity) or working with a trusted family member or friend.

By taking these steps, financial advisors can play a critical role in protecting their elderly clients from financial elder abuse. If you have any questions or would like to discuss how I can assist, please don't hesitate to contact me.

Advantages of Hiring a Specialist Lawyer

perth specialist lawyer

As my career progressed, I became a specialist in 3 fields:

1. defamation
2. guardianship in SAT, and
3. costs.

It was like gravity pulled me towards these 3 over 19 years as a lawyer, after also trying other things.

Hiring a specialist lawyer brings numerous benefits.

Here are a few:

Expertise: A specialist lawyer has in-depth knowledge and experience in a specific area of law. This means that they are better equipped to handle complex legal issues and provide accurate advice.

Efficiency: Because a specialist lawyer focuses on a specific area of law, they are likely to have a better understanding of the relevant laws and regulations, as well as the specific processes and procedures involved. This can lead to a more efficient resolution of your legal matter.

Cost-effectiveness: While it may seem counterintuitive, hiring a specialist lawyer can often be more cost-effective in the long run. Because they have a deeper understanding of the relevant laws and processes, they may be able to resolve your legal matter more quickly and efficiently, saving you time and money.

Personalized service: A specialist lawyer is likely to have a better understanding of your unique needs and concerns, and will be able to provide more tailored and personalized legal representation.

Overall, hiring a specialist lawyer can bring a level of expertise and efficiency to your legal matters that a generalist lawyer may not be able to provide. While it may cost more upfront to hire a specialist, the benefits can far outweigh the costs in the long run.

Protecting Individuals with Dementia from Financial Abuse

perth dementia lawyer

Dementia can have a significant impact on financial decision making, including:

- Struggling to understand financial concepts
- Difficulty remembering important financial information
- Inability to manage money effectively

These challenges can lead to financial abuse and exploitation, as well as financial instability for the individual and their family.

To protect individuals with dementia, the Guardianship and Administration Act 1990 (WA) offers administration orders. These orders appoint a guardian or administrator to manage the financial affairs of an individual with dementia and provide necessary support and oversight.

It is important to note that administration orders should be considered as a last resort, as they do limit an individual's autonomy and decision-making capacity. However, in cases where an individual with dementia is at risk of financial abuse or is unable to manage their own finances, an administration order can provide much-needed protection and support.

As a specialist in guardianship and administration in the State Administrative Tribunal of Western Australia, I have acted in 30 different cases related to this area of law in 2022 (and counting).

With an ageing population, families may become more aware of the financial exploitation risks associated with dementia during times like the Christmas season.

If you or a loved one are dealing with dementia and financial decision making, I am here to help. I offer a comprehensive service and deeply care about the needs of my clients when they apply for guardianship and administration orders over family members. Do not hesitate to reach out for assistance.