Financial Exploitation of the Elderly

Financial Exploitation of the Elderly Presented by: Prof. Dr. Kraljić Date: 8 October 2023 Quo vadis Slovenia? - Today's society, especially in Europe and thus also in Slovenia, is long-lived. - On average, people are living longer than they did in the past. - Naturally, as people get older questions arise, both for the elderly and for their descendants, for example, regarding the settlement of property matters during life and, in particular, in the event of mortis causa. - As life and lifespan increase, the onset of inheritance is also delayed. - Children have to wait longer than in the past for their inheritance. - However, since individuals are not willing to wait until their parents die, they are looking for ways, options, to get their hands on their parents' assets before their parents pass away. - It is therefore not surprising that pressures on elderly parents have increased in recent years. - This has also led to an increase in violence, especially economic violence, against elderly parents. - „early inheritance syndrome - or - „inheritance impatience inheritance has taken on a new meaning in social debates on ageing - Last will, bequest, disinheritance, forced share, contract for lifetime maintenance.... - ,a warm and safe home', pension security, health security, quality of life in old age, 'violence-free'... Perpetrators of financial abuse - adult children - adult grandchildren - spouses - caregivers - neighbors - friends - professionals in position of trust (lawyers) The signs of financial abuse - attempts by family members to unduly influence their parents' decisions, including by encouraging them to make, change or revoke a will that has already been made; - elderly persons often change their minds about an advance will (e.g. under the Patients' Rights Act); - lack of money for everyday items; - loss of jewelry or personal belongings, or valuables; - the elderly person expresses fear, anxiety or confusion when discussing finances, property and possessions; - unexplained amounts of money missing or disappearing from a bank account; - unpaid invoices; - loss of confidence; - elder family members having to sign documents effectively transferring their assets to younger family members; - isolation of the elder from family and friends. - elderly persons have to move into a retirement home because family members are using their money or property. Financial Illiteracy - Financial illiteracy refers to a lack of knowledge and understanding of basic financial concepts and skills necessary to make informed and effective financial decisions. It means lacking the necessary knowledge and skills to manage personal finances, budget effectively, understand financial products, and plan for the future. Consumers Illiteracy - Consumer illiteracy refers to a lack of knowledge and understanding of consumer rights, responsibilities, and effective consumer practices. It means lacking the necessary skills and awareness to make informed decisions as consumers in the marketplace. Who can help me? - If you suspect that an elderly person is facing financial abuse, it is important to take action to protect and support them. • Be aware of signs • communication • evidence • Involve professionals • prevention