Millions of Americans are managing money or property for a loved one who is unable to pay bills or make financial decisions. This can be very overwhelming. But, it’s also a great opportunity to help someone you care about, and protect them from scams and fraud.
Naomi Karp – CFPB
Indeed, many of us at sometime must manage the financial affairs of a parent, another relative or close friend. It’s challenging enough to manage one’s own finances. Taking care of someone else’s financial assets and managing expenses can be downright daunting.
The Consumer Financial Protection Bureau (CFPB) provides four easy-to-understand booklets to help financial caregivers. The Managing Someone Else’s Money guides are for agents under one of four different circumstances. These are available as PDF documents or print copies can be ordered.
- Powers of Attorney
- Court-appointed Guardians
- Government Fiduciaries (Social Security representative payees and VA fiduciaries.)
These Guides are to help someone who has this responsibility now, or may in the future. They are not for legal advice. More information is available on the CFPB web site Financial Protection for Older Americans, including the print copy ordering.
The guides are written for the “everyday” person and are easy to read and understand. A portion of the “Powers of Attorney” is reprinted below to provide a sense of what to expect. Continue reading