Be named a “trusted contact”: See if you can be named as an elderly parent’s “trusted contact” on bank and brokerage accounts, Rubin said. In that instance, you may be contacted by the institution if they see something amiss or unusual in the account. However, without powers of attorney, you won’t be able to act on what you learn.
Be appointed a co-trustee: If a person sets up a revocable trust for their assets and names an adult child as co-trustee, the adult child can have oversight as the elderly parent’s cognitive capacity declines, Flynn suggested.
Implement good phone, email and social media practices: She also recommends making sure your parent’s phone has caller ID and advising them not to answer calls from numbers they don’t recognize.
If scammers have been calling frequently, you might consider changing your loved one’s phone number, if you have powers of attorney, Rubin said.
Putting their phone number on the National Do Not Call Registry to ward off telemarketers might also help.
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With their email and social media accounts, try to monitor what they are receiving and unsubscribe to anything that appears designed to solicit donations or “save” by spending more.
“The first step should be working collaboratively with the elder and monitoring and unsubscribing with their permission. Our durable power of attorney does include an explicit power to deal with digital assets and accounts such as email, Facebook, Instagram, etc., so the attorney-in-fact would be authorized to take actions to monitor and take steps to mitigate any risks,” Flynn said.
Blocking senders and callers that put out requests for money is one way to mitigate risk.
Set a lower credit card limit: For those with powers of attorney, if your loved one has been susceptible to scams or has started to spend excessively on things they don’t need, you might set a lower limit on their credit card so they have just enough to pay for their essentials like groceries, Rubin said.
The National Institute on Aging also recommends canceling unneeded credit and debit cards.
Set up auto bill paying: Your loved one won’t have to worry about paying bills on time. But you also may want to go over their bills with them from time to time to make them feel involved in the process, Flynn suggested.
Order your parent’s credit report: Doing this periodically will let you see if any unusual accounts have been opened or properties purchased in your parent’s name, she said.
Put alerts on their financial accounts: Ask the institutions housing those accounts what type of alerts are available, since they can vary, Rubin said. For a client who gave his firm powers of attorney, for instance, he put an alert on her credit card to send him an email whenever there is a charge over $200.
While no single step can guarantee your loved one won’t unwittingly make a poor financial decision, combined they may let you keep them to a minimum. And that also may reduce the chances of them getting swindled.
“Doing this can decrease the risk of fraud, and make it much easier to prevent something from becoming a big fraud,” he said.