Take control & avoid elder abuse

Elder abuse occurs when a trusted person (such as a friend or family member) takes advantage of this trust to cause harm to the older person. The abuse can take many forms, and sometimes the trusted person may not recognise that their actions are effectively a form of abuse. For example, we sometimes see families using an Enduring Power of Attorney to make financial decisions that benefit themselves, rather than focussing on the best interest of the older person. You might hear this referred to as “inheritance impatience”.

The Australian Government is committed to preventing and responding to elder abuse. The Attorney-General’s Department provides policy support to address elder abuse. They cannot provide legal advice to the public or investigate any complaints of unlawful or abusive behaviour.

The Commonwealth Attorney-Department General’s created the animated movie ‘Elder Abuse: Everyone’s Business,’ which provides information about elder abuse and its various forms, as well as where individuals can go for support or further information.

It is important for all of us to think about who would step in and make decisions for us if we lost capacity to make these decisions on our own. Life can change quickly. If we lose capacity and need help, who would we trust to support us with decision-making or to make the decisions on our behalf? The increasing incidence of dementia and cognitive decline as we age, makes this particularly important in our older years. But it is never too early to start the conversation and set up appropriate arrangements.

You should always work with a lawyer to put in place the legal documents but as financial planners, we offer support and guidance to our clients to help them understand the financial implications and practicalities. When the time comes for the nominated person to start making decisions, we can be there to help them make decisions to manage the older person’s finances.