Minimizing Your Risk

MINIMIZING YOUR RISK

Sit down with your attorney and family members and develop a plan for your future care needs, including Powers of Attorney and a Living Will. DA cases involving theft by perpetrators with Powers of Attorney have victims who have not planned for their future care. Instead, these victims were often targeted and preyed upon by someone who took advantage of the victims’ trust and isolation.
Create a team of advisors, 3 or 4 people you trust completely, who can advise you on important legal or financial decision, and who can help you set up a system of checks and balances so that no one person has total control of your finances. (See Advisory Team form on page 16 in this handbook).
Always have a Power of Attorney created by your attorney. If someone else draws up the POA document, have it reviewed by your attorney before you sign it.
When considering a Power of Attorney (POA), do not give a General POA when a limited one will do. Understand the different types of Power of Attorney available. (For a further discussion of Powers of Attorney, see pages 10-15 in this handbook).
Remember that the person you trust the most is in the best position to steal from you – two thirds (2/3) of all financial abusers are family members or persons with power of attorney.
Keep valuables and sensitive information locked up at all times. Do not leave items lying out where service personnel, friends, neighbors or family can easily acquire them.
If your Power of Attorney or anyone else suggests you make a change in your assets, your investments, or insurance, always get two or three other opinions from within your team of advisors. Only a potential crook will not want you to discuss the change with others.
No matter how much you know, love or trust someone, NEVER sign papers you have not read or do not understand.
Even if you have a representative payee, Power of Attorney or other advisor who manages your finances, insist on receiving and reviewing copies of all bank and financial statements, or have a third party you trust receive and review them.
Do not allow someone else’s name (family or close friend included) to be added to your checking or investment accounts without setting up safeguards. If you add someone to your account, you or a third party should receive and review the financial statements.
REMEMBER: When you add anyone’s name to your bank account, credit account or investment account, they become an equal owner of that account! That account is as much theirs as yours just by adding them to the signature card.
Put all of your personal phone numbers on the Colorado “Do Not Call” List to eliminate most of the sales and charitable calls.
Do not give any information to strangers who might call or otherwise contact you. Do not give account numbers, Social Security Numbers, driver’s license numbers to anyone who contacts you. For your own safety do not tell a caller your age, physical condition, whether you live alone, etc. Giving this information may identify you as a good target for a scam. No one has the right to any personal information about you.

Minimizing Your Risk

18th Judicial District

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