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. It is also a great opportunity to help someone you care about, and protect them from scams and fraud. Consumer Financial Protection Bureau has released four easy-to-understand booklets to help financial caregivers. The Managing Someone Else’s Money guides are for agents under powers of attorney, court-appointed guardians/conservators, trustees and government fiduciaries (Social Security Representative Payees and VA Fiduciaries). Currently all of these guides are only available on the Internet and can be downloaded. It is anticipated in the near future, they will be available in print copies.
The guides are:
1. Help for Guardians of Property and Conservators: This guide helps family members to understand their role as a court appointed guardian of property or conservator.
2. Help for Representative Payees and VA Fiduciaries: This guide helps family members and others understand their role when a government agency names them to manage someone else’s benefit payment or pension.
3. Help for Trustees Under a Revocable Living Trust: This guide helps family members and others understand their role as a trustee.
4. Help for Agents Under a Power of Attorney: This guide helps family members and others understand their role as an agent.
Each of these guides are about 24 pages. They give individuals a hypothetical situation and show how the individual who has taken the financial responsibility for another person needs to think and act. With more allegations of financial elder abuse being made against well meaning, but under informed individuals, these guides can help to protect the individual from personal liability for well-intended actions. The place to look for these guides is by going to www.consumerfinance.gov/blog/managing-someone-elses-money/.
Ms. MacDonald’s practice is limited to Estate Planning, Probate, Elder Law & Trust Administration. Ms. MacDonald maintains her practice in the Santa Clarita Valley at 25115 Avenue Stanford, Suite B-124, Valencia, California. She can be reached at 661-294-6464.