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How guardianships can protect your elderly loved one from fraud

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How guardianships can protect your elderly loved one from fraud

On Behalf of | Aug 2, 2021 | Elder Law

The stories in the news about older people being defrauded seem endless. Many of these individuals lose pretty much everything that they have in such scams.

There are steps that you can take to minimize the chances of this happening to your loved one. A guardianship is one option for doing this.

How often are seniors defrauded?

Data published in recent years by Marketplace shows that U.S. residents 50 and over possess all but 17% of the country’s wealth. Most of the residents with the highest net worth are in their 70s or 80s.

People belonging to the above-referenced populations lose a total of between $3 and $36 billion annually due to fraud. That same data shows that the victims of these schemes only report just one in every 44 cases, so the overall losses could be substantially higher.

What makes seniors vulnerable to fraud?

Researchers determined that the older an individual is, the more likely they are to experience visual or hearing issues. Cognitive deficits that may affect their ability to recognize when someone’s trying to exploit them may also emerge.

Aging individuals often count on others for assistance in handling their everyday tasks and guidance, leaving them vulnerable to having someone take advantage of them.

How a guardianship can protect your loved one’s interests

A guardianship can give you an ability to make important financial decisions for them. This legal arrangement can reduce the chances of your elderly loved one falling victim to fraud.

There’s no guarantee of your right to establish a guardianship. Your loved one will likely need to have a medical condition that affects the soundness of judgment. There are other requirements that you may need to meet as well. Legal guidance can help you as you seek to do what’s best for a loved one.