Preventing financial abuse: legal support for the elderly and vulnerable

As our population ages and more wealth is concentrated in older generations, financial abuse is becoming one of the most harmful, under-reported, forms of exploitation. This kind of abuse isn’t always physical, with consequences that can be life-changing and devastating for families expecting to inherit. Understanding the facts of financial abuse, who is at risk, and how to prevent or respond to it is essential.

What is Financial Abuse?

Financial abuse involves the misuse, theft, or exploitation of someone’s money or assets. This is often without their full knowledge or consent. Theft of money or belongings, misuse of bank accounts or property, undue influence or pressure to change a Will or gift assets, and fraud or deception are all forms of financial abuse.

Who is Most at Risk?

Whilst anyone can be targeted, financial abuse is more common among vulnerable adults who have risk factors such as, poor physical or mental health, social isolation, dependence on others for care or support and long-standing family tensions.

Warning Signs of Financial Abuse

Sudden changes in financial behaviour, unexplained account activity or new signatories, isolation from friends or family, altered Wills or Powers of Attorney, deteriorating living standards and legal remedies and support, are all signs that should be flagged when looking at financial abuse.

Acting quickly when financial abuse is suspected is key. Solicitors can investigate potential abuse, stop further misuse, regain control of finances, and help recover stolen or misused assets. This can involve applications to the Court of Protection, Office of the Public Guardian, or the police where needed.

How Solicitors Help to Prevent Financial Abuse

Solicitors can support by creating safe, legally robust documents like Wills and Powers of Attorney. But there are other ways that Solicitors can support by identifying risks early in estate planning, review suspicious transactions or documents and support families through investigations or court proceedings.

 How Can Forbes Help You?

 At Forbes, we understand the legal and emotional complexities that arise in contested wills and estate disputes. Our Contentious Probate and Trusts team is experienced in handling cases involving testamentary capacity, undue influence, and breaches of fiduciary duty by executors and trustees. We offer strategic, clear advice tailored to your situation, whether you are an executor, beneficiary, or legal adviser seeking expert input. Our goal is to resolve disputes efficiently, fairly, and with minimal stress to our clients.

 For more information or to discuss your case, contact our Contentious Probate and Trusts division.