As life spans increase, so does the waiting time for our kids to come into their inheritance. This has given rise to a new form of elder abuse which is starting to get know as, ‘Inheritance Impatience.’
Sounds harsh, doesn’t it? We all love our children, we have sacrificed a lot for them and it is difficult to think of your children as greedy people who are desperate to inherit all your wealth. However, times have changed, and parent-child relationships are getting a bit more complicated than they were in the past.
What is Inheritance Impatience?
Inheritance impatience is when adult children of seniors abuse their parents to extract wealth from them. This phenomenon is common across the globe and the instances are rising in Australia as well.
Family members manipulate or illegally manage the finances and property of their elderly parents or other older relatives. This can be either against the wishes of the parent or without their informed consent. Many a time, seniors are forced to change their will or sign a power of attorney which gives their family members the power over their wealth and assets.
How to Protect Those at Risk?
So how do you protect yourself and other seniors around you. The best way to begin is by spreading awareness and becoming aware yourself. One of the primary issues with protecting seniors is that many people fail to speak up or seek help.
There are many reasons why seniors refuse to speak about the abuse:
In a majority of cases, professionals like caretakers, doctors, nurses, bank tellers or social service volunteers are the first to identify the financial abuse that seniors go through.
Here’s how you can err on the side of caution and avoid becoming a victim of inheritance impatience:
If you are suffering from financial abuse due to your wealth and estate, you must reach out for help immediately. In fact, to stop senior abuse, World Elder Abuse Awareness Day is observed on July 15 each year. It acts as a reminder to people to plan their retirement, finances, and plan their estate wishes earlier on. Doing this in advance allows seniors to have their independence and lifestyle and lead life on their terms.
Protecting yourself from abuse resulting from inheritance impatience is your right.
Australian Over 50s Living & Lifestyle Guide