Seniors are not only some of the most vulnerable members of society, they face a prevalent problem: financial abuse.
World Elder Abuse Awareness Day is Thursday, June 15, and notary publics in BC are drawing attention to the often hidden victimization of seniors in matters of personal finance.
Powell River-Sunshine Coast MLA Nicholas Simons said discussion and information is important when people face the difficult decision of when to become involved in the affairs of their loved ones.
“The abuse and mistreatment of elders is often well-hidden and isn’t spoken about much,” said Simons.
Financial abuse of seniors is a misuse of their funds in some fashion, often without their knowledge, according to Sechelt notary public Tracy Parker.
“It can occur with their knowledge as well,” said Parker. “It would be considered a use of funds not in the best interest of the adult.”
The best interest of a senior is often in the hands of their own family members or friends the individual has relied on and entrusted with other affairs in the past. There is also a chance they might fall victim to strangers, but the largest percentage of financial abusers are family members or friends, said Parker.
The difficulty most seniors face as they age is a loss of independence, she added.
Creating a power of attorney, health-care directives and a will ensures their wishes are followed and interests protected, said Parker.
Often these protections are left too long and issues might arise over an individual’s ability to make informed decisions.
“We find that in order to ascertain mental capacity you really need to try to draw the senior into a conversation on their own,” said Parker, “without others around that might be influencing them.”
Parker said it is common for many seniors to not want to think about handing over their financial independence to someone and, surprisingly, sometimes their children do not think about doing anything because it reminds them that their loved one will not be alive or will be incapable one day.
“I find that the more you can decide for yourself the better off you are,” said Parker, “and maybe even more empowered because you made your decisions in advance of any incapacity.”
