In short: Talk with your parents now, before there is a problem. Name a trusted contact on every bank and brokerage account, pick a trustworthy agent under a durable power of attorney, and know the tools: Florida banks can delay suspicious disbursements for people 65 and older (§ 415.10341), and courts can freeze assets under § 825.1035.
According to the FBI’s Internet Crime Complaint Center, people 60 and older reported about $4.9 billion in losses in 2024 from roughly 147,000 complaints. Reported numbers understate the problem, because older victims often don’t report.
Online Accounts Hide the Problem
A generation ago, paper statements came to the house and an adult child might see them. Now the money sits behind passwords and dashboards. When a parent starts to decline, the family often can’t see what is happening, and even a court order can be slow to pry the information loose.
Worse, many accounts let the owner change a beneficiary or payable-on-death designation online. No witness. No notary. No lawyer asking whether the person understands what they are signing.
Use the Protections That Already Exist
Trusted contact. Banks and brokerage firms let the account owner name a trusted contact: a person the institution can call about suspected exploitation. Do it on every account.
Bank delays (§ 415.10341). Since 2024, Florida law lets a financial institution that reports suspected exploitation of a "specified adult" (65 or older, or a vulnerable adult) delay a disbursement or transaction. The delay runs 15 business days and can be extended up to 30 more business days while the bank reviews. A court can shorten or extend it.
Brokerage holds (FINRA Rule 2165). Broker-dealers may place a temporary hold on a disbursement when they reasonably believe exploitation is happening: 15 business days, a 10-business-day extension, and 30 more if the firm has reported to a state authority.
Court injunction (§ 825.1035). A vulnerable adult, a guardian, an agent under a power of attorney with specific authority, or someone acting with consent can petition for an injunction against exploitation, including a temporary order freezing assets.
The Conversation Nobody Wants to Have
Most seniors won’t ask for help. Pride, privacy, fear. So the family has to start it:
- Where are the accounts? Who has online access?
- Is there a durable power of attorney, and is the agent someone everyone trusts?
- Who is named as beneficiary on each account, and does that match the will or trust?
- Write the passwords and account list on paper, keep it somewhere safe, and tell one trusted person where it is.
Choose the Fiduciary Carefully
The power of attorney, the successor trustee, the personal representative: these are the people who will control the money when your parent can’t. The most dangerous choice is the one made in a hurry, or the one made because someone pushed. If there will be tension in the family, a family meeting with the lawyer present costs far less than litigation later.
A Note on Custodial Assets
If a parent holds gold or other metals through a dealer or vault program, find out what they actually own: metal they can take delivery of, or a claim against a company. Ask the custodian, in writing, how delivery works.
Watch: the videos behind this article
Protecting Parents from Financial Fraud | Florida Elder Abuse Law
How Online Banking Is Fueling Elder Financial Abuse in Florida
FLORIDA! Your Financial Accounts Have ZERO Protections: Elder Exploitation Crisis | Florida Attorney
Your Parents Could Lose Everything to One Scam
Stop Elder Fraud: The Scary Truth About Property Schemes
More Short Videos on This Issue
Go Deeper
- Who Gets Your Email, Social Media & Online Business When You Die in Florida? Chapter 740
- The Lady Bird Deed: The Safest Way for Florida Parents to Leave the House to Their Kids
Frequently Asked Questions
Can a Florida bank stop a suspicious withdrawal from an elderly customer’s account?
Yes. Under § 415.10341, a financial institution that reports suspected exploitation of a person 65 or older, or a vulnerable adult, may delay the disbursement for 15 business days and extend it up to 30 more business days.
What is a trusted contact person?
A person the account owner names in a bank or brokerage firm’s records whom the institution may contact about possible financial exploitation, the owner’s health, or who holds authority over the account.
How much do older Americans lose to scams?
The FBI’s Internet Crime Complaint Center reported about $4.9 billion in losses from roughly 147,000 complaints by people 60 and older in 2024, and reported losses understate the total.
What legal documents help protect elderly parents from exploitation?
A durable power of attorney naming a trustworthy agent, coordinated beneficiary designations, and a will or trust with carefully chosen fiduciaries. Trusted contact designations on every account add another layer.
Talk to a Florida probate litigator
Weidner Law, P.A. handles Florida probate, trust, and will disputes from St. Petersburg. If you need a estate litigation lawyer for protecting a parent from financial exploitation, call (727) 954-8752 or email weidner@mattweidnerlaw.com.
Read the law yourself: Chapter 415, Florida Statutes (Adult Protective Services) and Chapter 825 (Abuse, Neglect, and Exploitation of Elderly Persons and Disabled Adults). The Florida Probate Code and Trust Code are free on floridarules.net.
This article is general information about Florida law, not legal advice about your situation. Reading it, watching the videos, or contacting the firm does not create an attorney-client relationship. Every case turns on its own facts, and past results do not guarantee a similar outcome. The hiring of a lawyer is an important decision that should not be based solely upon advertisements.
