Tools for Powers of Attorney

Literally millions of friends and family members have been named as agents in someone’s power of attorney.  As much as they want to help and do what’s right, many people are not sure of what that entails, and what is expected of them.

In an effort to help both the agents, and the people who have appointed them, the Consumer Financial Protection Bureau, which is an agency of the federal government, has published four helpful booklets under the heading “Managing Someone Else’s Money.”  Individual guides are available for agents under powers of attorney; court-appointed guardians; trustees; and government fiduciaries (consisting of representative payees of Social Security benefits, and those named as fiduciaries for VA benefits).

As reported on the CFPB’s blog, www.consumerfinance.gov/blog/managing-someone-elses-money/, these guides walk the agent through her duties, and describe how the agent can be on the lookout for scams, elder abuse and financial exploitation. Perhaps most importantly, they list a myriad of resources to which an agent can go for help.

The booklets can be downloaded from the link above, or you can contact the CFPB to request print copies.

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