As parents and relatives age, helping with bills, banking or other financial matters often becomes part of everyday life. That help also places people in positions of trust, making it worth thinking ahead about who should have access to money and what limits should apply.
Restricting who manages money
A power of attorney (POA) or trust lets you choose who handles certain financial matters and define that person’s authority. Choosing someone you trust matters, but so does giving them only the powers they need.
Even a trusted person can misuse that authority. Missouri law gives an attorney in fact fiduciary duties and treats the improper or fraudulent use of a POA as a form of undue influence in a financial exploitation case. You can reduce those risks by setting limits, requiring regular financial reports and choosing someone who understands the responsibilities that come with managing another person’s money.
Shielding accounts from misuse
Account protections add another layer when someone misuses access or suspicious activity reaches an account. Missouri law allows banks to offer trusted-contact programs and other security features. Ask your bank what it offers, and consider these additional safeguards:
- Automated alerts for large or unusual transactions
- Trusted-contact notifications for suspected fraud or financial exploitation
- Regular statement reviews for small or repeated withdrawals
- Separate accounts for everyday spending and larger savings
Using more than one safeguard helps because each one addresses a different risk. Review these protections regularly as spending needs and trusted relationships change.
Recognizing warning signs early
Financial exploitation often begins with small changes that seem unusual but do not immediately point to abuse. Pay attention when money, property or account information changes without a clear explanation:
- Unexplained withdrawals or missing funds
- Sudden changes to beneficiaries, deeds or account ownership
- Unpaid bills despite enough money to cover them
These signs do not always prove that exploitation has occurred, but they can give you a reason to look more closely. Missouri law makes certain forms of financial exploitation involving an elderly person or person with a disability a crime, so keep a record of dates, amounts and names if you suspect misuse.
Responding to suspected abuse
If you suspect financial abuse, focus first on stopping further access to the money. A senior who still has capacity can revoke or replace the POA, and you can contact the bank to report suspicious activity and ask what steps it can take to protect the account.
You can also report suspected exploitation to Missouri Adult Protective Services or law enforcement. APS serves people aged 60 or older who cannot protect their own interests or meet essential needs, as well as certain adults with disabilities.