In recognition of World Elder Abuse Awareness Day, the Wisconsin Department of Financial Institutions reminded the community to be on guard for signs of exploitation, including that potentially by legal guardians.
“A trusted guardian can be a wonderful resource. But sometimes guardians may take advantage of the people or assets in their care,” said Kathy Blumenfeld, the DFI secretary.
A guardian can be either publicly funded or privately appointed, and has a legal obligation to act in the best interest of a protected individual. Financial abuse or exploitation by guardians, who often have access to and control of the protected elder’s assets, could happen if the guardian inappropriately uses their funds, securities, property or other assets.
Suspected guardian abuse could include:
- The guardian takes money from the protected individual’s investment portfolio to buy a new car for personal use.
- The guardian overcharges for a caregiving service, such as billing the estate hourly for wait time to file paperwork in person when it could have been submitted online.
- The guardian does not take the protected individual to medical appointments or purchase their necessary medication.
“Taking the time to understand the warning signs of guardian financial abuse and the steps that can be taken to report such abuse are key to helping those who cannot help themselves,” Blumenfeld said.