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The risk of being ‘financially abused’ by relatives in old age
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As the population ages, cases involving elderly people losing their money to undeserving relatives or even friends are likely to go up.
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SINGAPORE - Cases involving elderly people being conned out of their life savings by relatives, friends and caregivers are likely to increase as more people live longer around the world, a survey has found.
The Society for Trust and Estate Practitioners (Step) – a global body with more than 20,000 members comprising lawyers, accountants, trustees and other practitioners – did a poll on the loss of mental capacity in 2023 and received inputs from its members from over 40 countries.
