Guides for Managing Someone Else’s Money
— Millions of people have legal authority to manage money for a family member or a friend, and the number may grow with the aging of the population and the rising number of individuals with disabilities. The Consumer Financial Protection Bureau (CFPB) has developed a package of easy-to-understand booklets to help financial caregivers. These guides for “lay fiduciaries” are entitled Managing Someone Else’s Money.
State-specific versions of these resources are available for Virginia, Florida, and Oregon. Still to come are guides for Arizona, Georgia, and Illinois. These states have a high number or percentage of older residents. The state guides will address requirements imposed by each state’s laws as well as resources available to people in these states.
The primary audience for the guides is family members and friends with legal authority to handle an incapacitated person’s funds. But the booklets have practical tips for managing someone else’s money that could be useful to informal caregivers as well.
About the Guides
The guides are tailored to the needs of people in four different fiduciary capacities: agents under a power of attorney, court-appointed guardians, trustees, and government fiduciaries (Social Security representative payees and VA fiduciaries).
Each guide contains information on the fiduciary’s responsibilities and tips on how to spot financial exploitation and avoid scams. Also, each guide includes a ‘Where to go for help’ section with a listing of relevant agencies and service providers. For each guide we provide links to download the guide as a PDF, which is best for web viewing, or to order a printed copy through GSA.
The guides are not intended to provide legal advice or serve as a substitute for your own legal counsel.
Accessing the Guides
For each guide we provide links to download the guide as a PDF, which is best for web viewing, or to order a free printed copy. Larger quantities can be ordered for free at promotions.usa.gov .
Power of attorney
This guide is for people who have been named in a power of attorney to make decisions about money and property for someone else. LINK.
This guide is for those who have been appointed by a court to be guardians or conservators of property, giving them the duty and the power to make decisions on someone’s behalf. LINK.
This guide is for those who have been named as trustees under revocable living trusts. In these cases, ownership of some or all money and property has been transferred to a trust and, as a result, the person named as a trustee has the power to make decisions about what is in the trust. LINK.
This guide is for those who have been appointed by a government agency to manage income benefits, such as Social Security or veteran’s assistance, for someone. LINK.