There are many things that seniors and their families can do to protect themselves from sinister criminals who target society’s most vulnerable citizens, says an experienced Osoyoos notary.
The provincial government has designated June 15 asElder Abuse Awareness Day in an attempt to help raise awareness of disturbing and serious scams that can be devastating to seniors and their families.
Bill Binset, who has been a notary for the past 27 years and has assisted clients in Osoyoos, Penticton and West Kelowna, said there are several things people can do to protect loved ones or themselves from elder fraud.
“The biggest rule of thumb I give to my clients is that if it seems too good to be true, then it’s not true,” he said.
It can be helpful for seniors to learn about common scams that typically target their peers, said Binset.
These are often shared online and through news media and sharing this information with aging parents and friends and talking about how they would react, can help seniors to protect themselves if approached by someone trying to scam them, he said.
When it comes to banking information, Binset encourages all seniors to set up direct deposit of all incoming pension and other funds to minimize the opportunity for fraudsters to intervene.
Tellers at respective banks can help set this up.
Additionally, seniors should set up pre-authorized payments for all regular bills, so they are paid automatically, without delay or worry and some might even consider getting prepaid credit cards set at specific limits, he said.
Creating a power of attorney is absolutely crucial and should be done before seniors become seriously ill or incapacitated, said Binset.
Having a senior appoint a trusted person, possibly an adult child, to manage finances and legal affairs, can be very helpful and help alleviate serious stress, he said.
This person should be accountable to the older adult and involve that person in the decision-making process, he said.
A B.C. notary can help clarify and designate the attorney’s roles and responsibilities, he said.
In cases where the older adult may have diminished capacity and can’t make a Power of Attorney, they may still be capable of making a Representation Agreement. This type of agreement provides a designated individual with authority that can include minor and major health care, personal care and living arrangements, legal affairs and routine management of financial affairs, said Binset.
A notary public can help create this kind of agreement, he said.
Binset also recommends that a joint bank account be set up between older adults and trusted family members to provide a “second set of eyes” monitoring for any suspicious transactions, such as large cash withdrawals that could occur as a result of a scam or fraud.
Binset said he has seen first-hand just how many scammers and fraud artists are continually attempting to swindle seniors of their hard-earned cash.
A big problem is that many seniors who are in previously good health don’t properly plan for the day when they might become ill or seriously incapacitated and haven’t taken the proper steps to arrange for a Power of Attorney, said Binset.
“They think it’s never going to happen to them … and then suddenly they become incapacitated and are unable to make those important decisions,” he said.
“My advice is to plan early and make those decisions with people you trust while still in good health and before something goes terribly wrong.”
The Society of Notaries Public of B.C. represents more than 320 highly trained notary professionals across the entire province.
Binset can be reached at his Osoyoos office at 250-488-1116.
KEITH LACEY
Osoyoos Times
