If you’re a fiduciary, managing the finances of an elderly parent, relative, or anyone else, there are many legal and ethical responsibilities you must take on, such as making sure you’re acting in the person’s best interest, protecting unspent money, investing carefully, keeping assets separate from your own, and maintaining detailed records.
To help you deal with some of these complex requirements, the Consumer Financial Protection Bureau has released four free downloadable guides that explain the basics and outline your duties.
There are separate guides for those who have power of attorney, are acting as a trustee or court-appointed guardian, or have been appointed by a government agency to manage income benefits, such as Social Security or veteran’s assistance.
The guides also have tips on how to spot, prevent, and stop senior financial exploitation, and avoid being scammed. They also provide contact information for other agencies and organizations that can help financial caregivers.
For more information, read our report “Preventing Financial Elder Abuse.”
—Anthony Giorgianni
Consumer Reports has no relationship with any advertisers or sponsors on this website. Copyright © 2007-2013 Consumers Union of U.S.
