As your loved ones enter their golden years, they may become more prone to financial exploitation. Learn what are the reasons your loved ones may fall to financial exploitation. Then, learn how to prevent your loved ones from falling into financial exploitation. Here are some reasons your loved ones may fall into financial exploitation.
Your loved ones may be living away from you. They may even have few friends. This may reduce the chances of friends and families being able to intervene in a possibly suspicious situation.
Poor Physical Health
As your loved ones enter their golden years, they may start to suffer from poor health. This may cause them to require assistance with daily tasks. As they become more dependent on other people, this creates more opportunities for them to be exploited.
Your loved ones may also start to become lonelier as they enter their golden years. This would cause them to be easily manipulated by financial predators and opportunists.
Here are some ways to help your loved ones prevent financial exploitation.
Designate Financial Power of Attorney
Ensure that your loved ones designate someone that they can trust while they are still mentally capable of making decisions. This can help you to reduce the chance of exploitation happening to you.
Appoint Someone to Look Over Investments And Accounts
To ensure that your loved ones do not fall prey to financial exploitation, ensure that your loved ones appoint someone that they trust to look over their investments and accounts. This will help them to make sure that they do not suffer from financial manipulation from their account. You can also ensure your loved one’s bank account is trust-view only for everyone. This will ensure that no one can access their funds and prevent them from being financially exploited.
Sign Up for A Service That Can Track Their Investments, Credit Cards, And Investments
To ensure that your loved ones do not fall prey to financial manipulation, you can encourage them to use apps that can detect any financially suspicious activities. This can ensure financial exploitation like unusual withdrawals, missing deposits, and abrupt changes in spending patterns will be flagged to both your loved ones and a trusted one. Moreover, if they do fall prey to any scams, their losses can be mitigated too.
Screen Your Loved One’s Caregivers
If your loved ones need caregivers to care for them, you may want to ensure that their caregivers are rigorously screened so that any financial theft can be reimbursed. Also, do make sure that you notice how they are taking care of your parents. This will reduce the possibility of them falling into financial scams.
With these four ways to protect your loved ones from financial exploitation, you can be assured that your loved one’s quality of life will be maintained throughout their golden years. If they require assistance in their daily lives, we at TerraBella Spartanburg have a caring team that will help them get the best out of their golden years.