Financial Exploitation using Powers of Attorney and Joint Accounts

Financial Exploitation using Powers of Attorney and Joint Accounts

The Estates and Trusts section of the Maryland Bar Association met on May 16, 2019 to hear a presentation about Elder Abuse and Financial Exploitation. Assistant Attorney General Jeffrey H. Meyers from the Department of Aging informed the group what the State of Maryland is doing to stop Financial Exploitation of the Elderly. Here are some of the key takeaways:

  • Establish a relationship with a bank that can monitor your account.
  • Banks are required to report suspected misuse of funds
  • Powers of attorney need to be executed when the client has sufficient mental capacity to understand the impact of giving control of accounts through a power of attorney or joint ownership
  • Every County has an Adult Protective Services unit to investigate complaints concerning a vulnerable adult

Here are two links that can help you understand what works best in your situation:

https://www.dllr.state.md.us/finance/consumers/finregacctforyou.pdf

https://www.consumerfinance.gov/consumer-tools/managing-someone-elses-money/power-attorney-guides/