A trend is emerging in Australia: we’re living longer and richer than any time in history. As a result, the inheritance that parents are planning to leave to their adult children is delayed.
Early inheritance syndrome, or “inheritance impatience”, is becoming a more common issue. Some adult children feel a sense of entitlement to their parents’ assets and assume it to be theirs already.
Sadly, these impatient children are not prepared to wait until their parents pass away. They seek ways for their parents to ‘‘gift’’ them money, or interfere in the management of their parents’ assets to protect what they see as their entitlement. Depending on the situation, this can be considered Financial Elder Abuse.
The following signs may indicate an older person is being subjected to inheritance impatience or financial elder abuse:
It’s important to appoint a trustworthy person as a power-of-attorney.
Taking extra care to safeguard your finances does not mean that financial abuse will never happen, but it will ensure that an older person’s wishes are clear, and allows for early detection if things are not going well.
The good news is, help is available. It is possible to revoke someone’s power-of-attorney, and steps can be taken to have misappropriated assets returned.
If you suspect that financial elder abuse is happening, report it to authorities, or get advice about what legal options are available. There are organisations in each state that can provide assistance.
We have lawyers who specialise in a range of legal claims who travel to Australian Capital Territory. If you need a lawyer in Canberra or elsewhere in Australian Capital Territory, please call us on 1800 675 346.
We have lawyers who specialise in a range of legal claims who travel to Tasmania. If you need a lawyer in Hobart, Launceston or elsewhere in Tasmania, please call us on 1800 675 346.