Financial abuse of the elderly. Recognizing and acting on it

1. Within a trust situation, one party (the trustee) holds the title and control of property, but has a responsibility to use the property for the benefit of another (the beneficiary). 2. A durable power of attorney is a written document in which one person (the principal) has granted another person (the agent or attorney-in-fact) the authority to act for him and the delegation of authority continues even if the principal becomes incapacitated. 3. A representative payee is a person or organization who receives payment as a substitute for the beneficiary. 4. A joint tenancy is a form of co-ownership in which two or more persons hold a single interest in property and each co-owner has the right of survivorship.