Protecting solo agers from elder abuse

Question:

What are the top preventive measures that every solo ager (or solo agers to-be) should implement to avoid becoming victims of elder abuse?

Response:

“Solo agers” are older people who do not have family members available and able to step in when they need assistance, whether for financial matters or for health care. They may be divorced or widowed or never have been married. They may or may not have children, but if they do, they may be estranged from them or not have children who have the capacity or availability to step in if necessary.

The resulting isolation can make solo agers much more susceptible to financial and physical abuse. Here are a few steps current and future solo agers can take to protect themselves:

1. Avoid isolation. Anything solo agers (and anyone for that matter) can do to remain within social networks can help prevent abuse. Those who prey on seniors operate in the dark. Getting out of the house, socializing with others, and participating in activities can either prevent such abuse or help make sure someone notices when it occurs. This can include going to the local senior center, taking on volunteer activities, participating in religious groups, even going to the gym. But it also means taking a close look at one’s living situation. Rather than living in an isolated single-family house, it may make sense to move to an apartment, senior housing or an assisted living facility.
2. Designate a trusted contact with your bank or brokerage company. Many financial companies permit you to name someone to contact if they see a situation that makes them concerned about your financial well being. Of course, you need to have someone to designate. Local senior or religious organizations may have volunteers willing to serve in this role.
3. Create a durable power of attorney and health care directive. These documents permit seniors (and others) to appoint agents to represent them on financial, legal and health care matters. They can step in when and if the need arises. The problem, of course, for solo agers is finding people to fill these roles. Friends may do so on a reciprocal basis. Many estate planning attorneys are willing to serve as agents under durable powers of attorney, but rarely as health care agents. For that, local senior service agencies may be able to suggest volunteers to act as health care agents.
4. Create and fund a revocable trust with a professional trustee or successor trustee. Many lawyers, banks and trust companies are ready and willing to serve as trustee on revocable trusts to make sure they are well managed on behalf of the beneficiary. The do, of course, charge for their services, but the cost is usually well worth it. Many clients prefer to postpone paying for this as long as possible and prefer to name professional trustees to step in when and if they can no longer manager their finances, but naming a co-trustee while they’re still competent has a number of advantages. They get to work together for a period of time so the professional trustee knows the client’s situation, goals and preferences. They are more able to step in if they see any fraud or scams occurring, and just their presence can prevent such abuse. And they can act immediately. A successor trustee may have to go through a process to establish the client’s incapacity before they can step in, which can delay their intervention.

Taking any or all of these approaches mostly protects against financial abuse but also against physical abuse. They often go hand-in-hand.

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