This is the first in a 3-Part Series about protecting yourself or your elder loved one from financial abuse, scams, or fraud. 

 Let’s get through the tough conversations. 

One’s own finances are a very personal topic. Many people shy away from this subject or are just not knowledgeable enough on how their finances are managed. Money is an important topic as it directly affects our livelihoods. So, how can an Elder protect themselves?  

First, how are the Elder’s finances accessed? If the Elder relies on someone else to manage their finances, then the Elder should talk to that third party to gain an understanding of how their finances are managed and how they are financially secured and protected. Some might rely on their spouse, adult child, or close friend to manage their finances by giving them access to their financial accounts or granting them with a Power of Attorney. If the Elder is uncomfortable with the arrangement, then they should seek ways to regain control of their finances. Passwords can be changed, and authorizations can be limited or eliminated.  

Second, who does the Elder want to manage their finances when the Elder is unable to? My colleagues have previously blogged on topics such as:

1. What to do if you suspect that a loved one is no longer capable? and  
2. Encouraging discussion about end-of-life wishes 

The takeaway question is: Does the Elder want to control how their finances will be managed or is the Elder comfortable with having someone else take over control even if that someone is the government? Ontario’s Public Guardian and Trustee is the last resort if the court cannot identify anyone else to act on behalf of an incapable person. Here is a link to more information about mental capacity.

These are conversations that need to occur as early as possible and as frequently as needed.  Often, these conversations do not occur until it is too late. If an Elder wants control over how their finances are managed or will be managed, then they need to have these open conversations with their loved ones. Otherwise, the choice won’t be theirs when it is too late. 

Thanks for reading.

Jennifer Wan