World Elder Abuse Awareness Day (WEAAD)

World Elder Abuse Awareness Day (WEAAD) on 15 June puts a spotlight on issues around elder abuse – not just physical abuse, but also financial 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”.

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 solicitor to put in place the legal documents. At Aspire Planning we offer an Estate Planning service that incorporates Estate Planning specialist solicitors. 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. Take the time on World Elder Abuse Awareness Day to think about your family situation. And look out for elder abuse events in your local community.

Call us on 03 9584 3343 to review your own financial situation or if you need help in your role as Enduring Power of Attorney.

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