How to Help Older People Protect Their Assets

As people age, protecting their assets becomes increasingly important. Older adults may be vulnerable to financial exploitation, scams, and other forms of fraud, making it crucial for them to take steps to safeguard their finances. In this article, we’ll discuss some tips on how to help older people protect their assets.

Encourage them to talk openly about their finances

One of the most important steps in protecting assets is having open and honest conversations about finances. Many older adults may be hesitant to talk about their money or may not want to disclose financial details. However, it’s essential to have these conversations, so they can have a clear understanding of their assets, liabilities, and overall financial picture.

Encourage your loved ones to discuss their finances with a trusted family member, attorney, or financial advisor. This can help them identify potential issues and take proactive steps to address them.

Review and update estate planning documents

Estate planning is another critical step in protecting assets. Make sure your loved ones have up-to-date estate planning documents, including wills, trusts, and powers of attorney. These documents should be reviewed and updated regularly to ensure they accurately reflect their wishes and current financial situation.

If your loved ones don’t have these documents in place, encourage them to work with an attorney to create them. This can help ensure their assets are distributed according to their wishes and can help avoid unnecessary legal battles.

Be cautious of scams and fraud

Older adults are often targeted by scammers and fraudsters. These scams can take many forms, including investment scams, lottery scams, and identity theft. Encourage your loved ones to be cautious of unsolicited phone calls, emails, or mailings.

If your loved ones are unsure if a communication is legitimate, encourage them to seek the advice of a trusted family member, attorney, or financial advisor. They should also never give out personal or financial information to anyone they don’t know or trust.

Monitor accounts regularly

Regularly monitoring bank accounts, credit card statements, and other financial accounts can help detect unauthorized activity early. Encourage your loved ones to check their accounts regularly and report any suspicious activity to their financial institution immediately.

Work with a financial advisor

Working with a financial advisor can be helpful for older adults who want to protect their assets. A financial advisor can help them develop a comprehensive financial plan that takes into account their current financial situation, future goals, and potential risks.

A financial advisor can also help identify potential areas of vulnerability and provide guidance on how to protect against them.


Protecting assets is critical for older adults. By having open and honest conversations about finances, regularly reviewing and updating estate planning documents, being cautious of scams and fraud, monitoring accounts regularly, and working with a financial advisor, older adults can take proactive steps to safeguard their finances and protect their assets.

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