Elder financial abuse

Elder financial abuse happens when someone who has legal or personal authority over an elder misuses the elder's assets. Unfortunately, this is a common occurrence. Many seniors lose control of their assets and life to a person they once trusted.

Many elderly people provide a power of attorney to a close family member or friend to take care of their financial affairs as they lose the capacity to do so, due to physical or mental health issues. In most cases, the person who is granted the attorney handles the trust with a high degree of professionalism and ethics.

Unfortunately, some people do not respect the privilege they have been given and abuse the financial resources of the elder for their personal benefit. Many rationalise this behaviour using excuses such as:

“They would have wanted me to use the money to pay my bills.”

“They said I could use the money as I wanted.”

“I was going to inherit it anyway so I may as well use it now.”

“I am justified in charging them a fee for the work I do for them.”

All of these excuses are inconsistent with the requirement of the power of attorney to use the money for the benefit of the elder signing over the authority. Using the money for their personal benefit puts that person at the risk of being charged with fraud and having the proceeds recovered from their personal assets.

Support

The Office of the Public Guardian provides support for vulnerable Queenslanders, including seniors.

The Queensland Government website has helpful advice for seniors who may be the subject of elder abuse, or others with concerns that a senior might be being abused.