CFPB Has Published Guideline Booklets to Help Lay Persons Managing Money Under Fiduciary Obligations (Powers of Attorney, etc.)

The Consumer Financial Protection Bureau has published new guideline booklets to help lay persons properly manage other people’s money when acting as a fiduciary.  For example, if you are managing money for your elderly parent or anyone by virtue of that person naming you agent under a power of attorney, you are subject to fiduciary duties the breach of which may subject you to a lawsuit or other legal action.  So, to help ensure you stay within the bounds of what the law allows you to do, it’s worth taking a look at these brochures and make sure anything you do stays within these bounds.

The Managing Someone Else’s Money guides are for agents under powers of attorney, court-appointed guardians, trustees, and government fiduciaries (Social Security representative payees and VA fiduciaries.)

The guides help you to be a financial caregiver in three ways:

They walk you through your duties.

They tell you how to watch out for scams and financial exploitation, and what to do if your loved one is a victim.

They tell you where you can go for help.

Remember, an ounce of proper planning and prevention is worth a pound of cure!