How can senior citizens protect themselves from financial exploitations by their own families?

economictimes.indiatimes.com:

Senior citizens typically rely on their financial savings, investments, pension or real estate to fund their retirement years. Protecting these financial assets ensures that they have a steady source of income to cover living expenses and maintain a decent quality of life. The absence of this financial cushion can jeopardise their day-to-day expenses and medical requirements.

While there is much talk about protecting senior citizens from online fraudsters because of their ignorance and vulnerability, what is often ignored is the risk they face from their own families, including their children, siblings and other relatives.

They are conned off their life savings through coercion, manipulation, forgery, and many other means. Here are the most common ways in which the seniors are duped by their near and dear ones, and ways in which they can safeguard themselves.

1. Funds, assets taken without knowledge or permission of seniors
Seniors often lack the financial or technical know-how to protect their assets.

They don’t have the expertise to use modern banking tools and services like mobile or Internet banking, ATMs, or even conduct financial transactions on apps and through e-wallets. In some case, seniors also lose control over their motor skills. These factors make them vulnerable to financial abuse, allowing relatives or greedy heirs to fleece their hard-earned wealth.