A betrayal of trust
Financial abuse of the elderly is on the rise, particularly during pandemic lockdowns. Retirees with houses, superannuation and other assets are an attractive target for greedy relativ or swindlers.
Lawyer Katie Binstock is seeing more older people who have been cheated out of their savings and homes or been forced to change their will or other legal documents against their best interests. A lawyer at McInnes Wilson, Binstock specialises in elder and succession law.
With 16% of the population aged over 65, it is a hidden crisis, says Luisa Capezio, aged care adviser at Phillips Wealth Partners. The perpetrators are often family members, according to a Seniors Rights Victoria study, which found around 73% are sons, daughters, sons-in-law or daughters-in-law. Around 10% are intimate partners. Others are friends, neighbours or carers.
Elder abuse often occurs in the privacy of homes and the perpetrators are secretive about their behaviour until there is a crisis, such as the older person needing to fund aged care or pay their bills.
Kicked out of home
Take the case of 82-year-old Rose, who entered into a financial arrangement with her son, John. Rose signed over
