Legal Matters to Understand as Parents Get Older: Dealing With Financial Guardianship for Seniors

As people grow older, it can become more difficult for them to handle things on their own. Many types of scams prey on the inability for a senior to really understand what is happening or to realize they’re being scammed. This can lead to thousands of dollars lost, which can make it difficult or impossible for the senior to keep up with their bills and survive without financial assistance.

What Can be Done to Prevent Scams Geared Toward the Elderly?

Scams prey on the elderly because they are not knowledgeable about technology, because they are easily susceptible to certain tricks, and because they may not be aware of what scams are happening right now. To help protect them, teaching them about common scams is an important first step.

This helps them learn what to look out for. It’s also a good idea to encourage them to ask someone if they aren’t sure if something is a scam so they don’t fall for a scam just because they weren’t sure.

What Happens if they Cannot Understand and Prevent Scams?

If the person does not understand how to protect themselves from scams and seems to be losing a significant amount of money to scams, it might be a good idea to look into financial guardianship. If they have already lost thousands of dollars or they are unable to provide their own basic needs due to financial loss from the scams, this could be crucial.

How Does Guardianship Help Protect Elderly Family From Scams?

When a child obtains financial guardianship for their parent, they control the parent’s finances. They can spot the scams and prevent their parent from becoming a victim. This will ensure the parent has the money they need for their bills, groceries, medications and more instead of losing the money to the scam.

This is just one of the legal matters to understand as parents get older. If your parents are getting older and you’re worried about their ability to take care of themselves, it might be worth looking into guardianship and learning more about what it entails. This way, you can know what your options are if it gets to the point where they need help caring for themselves.