According to Naomi Karp of the U.S. Consumer Financial Protection Bureau, millions of Americans manage the property of loved ones who are unable to do so for themselves.
For many of these financial caregivers, the job of a fiduciary is a difficult one, with many not fully understanding their roles and how to adequately protect their loved ones’ finances.
To help these caregivers, CFPB produced a series of “easy-to-understand booklets” built around the particular roles of financial caregivers.
For example, separate booklets were developed to assist caregivers holding powers of attorney, or serving as trustees and court-appointed guardians. Information is available, as well, for government fiduciaries, such as Social Security representative payees or VA fiduciaries.
The booklets discuss caregivers’ particular duties, provide information on how to avoid financial scams aimed at the property of loved ones, and offer tips as to where caregivers can receive additional assistance.
Links to the free booklets can be found at www.consumerfinance.gov (search for “Managing someone else’s money, Oct. 29, 2013”).
Hardcopies, including bulk orders, of the booklets are available for order from CFPB free of charge.
Of course, the booklets provide general information only. Laws vary, and the information presented in the booklets by the agency is not designed to be legal advice. If you have questions, see a legal professional.