Managing Someone Else’s Money

Millions of Americans are managing money or property for a loved one who is unable to pay bills or make financial decisions. There are 50 million older Americans, many rapidly approaching retirement, and already 22 million people over 60 have given someone power of attorney to make their financial decisions. Millions of other Americans have court-appointed guardians or other fiduciaries.

In recognition of what can be a daunting responsibility, the Consumer Financial Protection Bureau (CFPB) has created four, easy-to-understand caregiver guides to help manage someone else’s finances. These guides are geared toward people in four different fiduciary capacities. You’ll find the National guide for each below, as well as specific guides for those in Virginia or Florida. More state guides are expected to be available throughout 2016.

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.

National | Virginia | Florida

Court-Appointed Guardians

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.

National | Virginia | Florida

Trustees

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.

National | Virginia | Florida

Government Fiduciaries

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.

National | Virginia | Florida