Financial Abuse in Later Life and the Vulnerable
With our community here in North-West Bristol seeing an ageing population, and dementia cases in the area predicted to triple by 2050, the number of vulnerable people is only set to increase in the coming years.
In recent research published by STEP, 57% of those legal professionals helping clients with estate and wealth planning, have observed instances of actual or suspected financial abuse of vulnerable people in later life. 82% expect demand for mental capacity advice to increase.
It seems the financial abuse of older people, the vulnerable and those living with dementia is on the rise. When you lose the ability to manage your own finances, you are increasingly reliant on others and at a much greater risk of financial abuse. In some cases, it can be unintentional – for instance a family member might not think they are doing anything wrong – but their actions could still amount to financial abuse.
There are various signs of financial abuse to look out for. For example, on a day-to-day basis, money disappearing after home visits or unexplained cash machine withdrawals or missing valuables. Perhaps a new person is showing unusual interest in your loved one’s assets or spending habits. Assets are suddenly being transferred to a family member or friend without clear reason. Financial abuse is also when someone who is supposed to be handling the finances is not paying bills for the household or the care home or letting the person under their care decline in health and living standards or depriving them of essentials like heating, food or clothing.
In addition, undue influence to make someone change a Will or an unscrupulous family member coercing the vulnerable person to appoint them at Attorney under a Lasting Power of Attorney – both amount to financial abuse.
How We Can Help
Harold Stephens was set up for one purpose – to help local people in retirement and later life with their financial and estate planning. We deliver our services exclusively the old-fashioned way, on a face-to-face basis. This allows us to get to know you personally, almost like a member of the family, enabling us to assess any vulnerabilities, understand the wider family dynamics and provide advice with the bigger picture in mind.
As a firm, we adhere to the Financial Vulnerability Charter and are members of the Consumer Duty Alliance - both of these programmes advise on the very best practice for clients and we take this very seriously. We have also won national awards for our work in vulnerable client care.
We will prepare your Will and Lasting Power of Attorney professionally and carefully, with any potential vulnerability or undue influence front of mind – you will always be our client, and we will always protect you and ensure everything is done in your best interests, now and in the future.
We will help you provide instruction and guidance to your loved ones, for when the time comes for them to care for you. That could be via a Letter of Wishes to accompany the Will and Lasting Power of Attorney or specifically in the documents themselves. This means there is no dispute over what your wishes are and what is in your best interests.
Planning early will provide the strong foundation to allow us to advise your loved ones in your best interests if you are not able to make decisions yourself in the future. We will:
Be able to take into account your views on care provision, setting and cost.
Consider and carry out your views on Inheritance Tax planning.
Help advise on critical decisions around the family home and pensions and investments – all in your best interests and wishes.
Start The Conversation
It’s critical that you start the conversation early, both with the family and us so that everyone is on the same page as you reach your later years. Don’t hesitate to get in touch with the office for a complimentary initial chat. We can be reached at 50, High Street, Westbury on Trym BS9 3DZ, office@haroldstephens.co.uk or telephone us on 0117 3636 212.