By law banks have to report any suspected case of financial elder abuse to adult protective services or law enforcement as soon as possible. That same law was recently amended in California to give the right to banks to not have to honor a power of attorney in the prevention of Elder Abuse. Power of Attorney is hugely important as they allow you to properly manage a person’s finances when they are no longer able to themselves.
Unfortunately they can be obtained through financial abuse such as when a person is stealing money from the elder’s accounts. Luckily banks can now refuse to honor such power of attorneys if elder abuse is suspected.
Others that have the power of attorney, known as ‘Agents’, can still use the Power of Attorney as long as they themselves aren’t involved in the elder abuse case.
This new Legislative further amends California’s existing laws pertaining to elder abuse and is one step closer in preventing such financial abuse from happening.
Have you or a loved one been a victim of elder abuse?
If so please contact the Peck Law Group right away for your complementary case evaluation at 866-999-9085 or fill out the contact form on our website.