Older adults are vulnerable to abuse. Some older adults face physical or emotional abuse from their caregivers. Others are at risk of financial abuse and fraud.
There are many types of fraudulent schemes that target older adults. Medicare scams, investment fraud and various other schemes can lead to older adults losing resources that they rely on for financial stability in their golden years.
Older adults are also vulnerable to financial misconduct from their caregivers, such as familiar fraud. A conservatorship could theoretically help protect an older adult from financial abuse.
How does a conservatorship help?
Fraudsters and those with various intentions often target older adults who have access to significant resources. Creating a degree of separation between a vulnerable aging individual and control of their resources can prevent them from falling victim to fraud and financial abuse.
A conservator can review any investment opportunities or other potentially fraudulent scenarios. They can intervene in situations where it becomes apparent that someone has attempted to manipulate an older adult into giving them money or allowing them to use their personal lines of credit.
When people demonstrate an inability to act in their own best interests or appropriately manage their resources, a conservatorship could be beneficial. Older adults may need help protecting themselves from personal acquaintances and strangers who want access to their resources.
Going to court to secure a conservatorship can help prevent fraud and the financial abuse of an elder. It is also a reasonable reaction to a prior incident that may have deprived a loved one of valuable resources because they fell victim to coercion or fraud.