Financial elder abuse research: a clearer picture for Victoria
Sadly each year, State Trustees discovers instances where older people have been taken advantage of financially by those they trust most, and unfortunately, we are often asked to step in as a last resort, after much of the damage has already been done.
According to State Trustees’ Managing Director, Tony Fitzgerald, financial elder abuse can range from misusing an ATM or credit card to taking money or property, forcing or forging an older person’s signature or persuading them to change their Will, contracts or power of attorney through deception or undue influence.
“Clearly, financial elder abuse is complex and we have engaged Monash University to undertake research that will shed light on this important social issue,” Tony said.
Entitled ‘Protecting Elders Assets Study: Ethical Management of Older Persons’ Financial Assets’, the project has delivered its first report and findings will be delivered over the next three years.
The first report provides a summary of existing Australian and international research and the next stages of the study aim to build on this existing knowledge – a copy can be downloaded from our website.
“We understand that this is the most comprehensive study currently underway in Victoria and it’s already proving to be of great interest to the government, community and legal sectors,” Tony said.
Tony believes that the research may be a useful contribution to the Victorian Government’s elder abuse prevention strategy, adding that Seniors Rights Victoria and the Office of Senior Victorians have provided invaluable assistance to the project.
“Our hope is that the outcomes of the project will lay the foundation for future initiatives, including policy and legislative reform, and improvement to services,” Tony explained.
“State Trustees is pleased to commit our resources to this research project, something we see as essential if we are to understand the best ways to reduce, prevent and remedy the growing problem of financial elder abuse.”
Older Victorians and those that work with them should be aware of the risks and State Trustees offers the following tips:
- Appoint an Enduring Power of Attorney (Financial) – An Enduring Power of Attorney (EPA) (financial) is a legal document that can be used to help protect your financial and legal affairs. As your Attorney, a friend, relative or professional organisation should work with you to make decisions on your behalf to help maintain your quality of life and help protect your future.
- Get independent advice – Before making major decisions older people should seek independent financial and legal advice from organisations or those with expertise in helping older people.
- Keep your Will in order – Older people should make sure they have a professionally drafted legal Will and continue to update their Wills at major life changes such as marriages and re-marriages, divorces and the birth of grandchildren.
- Make loans legally binding – Have a solicitor draw up a legally binding contract if you plan on lending money to someone.