With Singapore’s ageing population on the rise, concerns around elderly financial abuse are becoming more prominent, particularly because the signs are not always easy to spot.
Lim Fung Peen, Director and Head of Private Wealth and Family Practice Group at Yuen Law, shared with The Straits Times that unpaid household bills may be an indicator of financial abuse. In many of the financial abuse cases he has handled, the perpetrators were often the elderly person’s own children or in-laws, who had accessed their bank accounts and used the money for their own use.
To prevent such situations, Fung Peen highlights the value of setting up a Lasting Power of Attorney (LPA). An LPA is a legal document that allows individuals to appoint a trusted person to make decisions on their behalf if they lose mental capacity. It not only reduces uncertainty about who should make decisions, but also prevents potential legal costs and disagreements amongst family members.
Recent figures suggest more people taking proactive steps to safeguard against financial abuse. According to the Ministry of Social and Family Development, over 233,000 Singaporeans aged 50 and above had registered LPAs as of September 2024—a 32% increase from the previous year.
Fung Peen further discusses the process of setting up an LPA in his debut book, Lasting Power of Attorney, a practical guide for individuals and families planning ahead.
Read the article about spotting signs of elderly financial abuse here.
Read the article about how an LPA can guard against financial abuse here.
Contact Information
For more information and/or assistance on family and LPA-related matters, you may contact:
Lim Fung Peen
Director, Head of Private Wealth & Family Practice Group
E: fungpeen@yuenlaw.com.sg
