Real estate a common area of financial abuse

The article cites new data released by the Commonwealth Bank and Bank West and says it’s important to be on the lookout for financial abuse of elders when it comes to the transfer of real estate.

What the banking institutions found is that not only is financial abuse of the elderly alarmingly common but that many hesitate to seek help – either because they’re embarrassed or because the perpetrators are friends or family.

The bank noted that many forms of elder abuse are perpetrated by someone close to the elderly person and involve assets such as houses.

Abusing power of attorney — which can happen when a relative gives permission to sell a home despite the elderly person’s wishes, for example — was the most common form of elder financial abuse.