Lawmakers Advance Bill to Prevent Financial Exploitation of Seniors

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A legislative committee advanced a bill aimed at preventing the financial exploitation of seniors.

It would clarify the intent of older Mainers when opening a joint financial account.

Often times, a caretaker or family member will help control finances for the elderly.

This bill would require each owner of the joint account to answer in writing whether they intend to leave the account to the surviving party in the event of his or her death.

“They just don’t realize that when they do that any funds in those accounts become the property of the survivor no matter what their will says. And this is a very simple bill that says when you open the joint account, each party needs to say that it is my intent that upon my demise these funds belong to the survivor, which means at least they know there’s another option,” said Rep. Thomas Longstaff, (D) the bill’s sponsor.

The bill now heads to the full legislature for a vote.

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Lawmakers Advance Bill to Prevent Financial Exploitation of Seniors