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New Guides to Help Financial Caregivers

New Guides to Help Financial Caregivers - The Beacon


By: Jackie

New Guides to Help Financial Caregivers

With November being National Caregivers Month, your BBB brings you news of four new Guides for Managing Someone Else’s Money released by the Consumer Financial Protection Bureau (CFPB) last week.  With an estimated 90 million family caregivers in the U.S. providing $450 billion worth of unpaid care each year (Pew Research survey and an AARP Public Policy Institute study) the guides will, according to CFPB Director Richard Cordray, “help people meet the responsibility of managing money for a loved one.”

The guides explain the four main responsibilities of a fiduciary which is a person who manages money or property for someone else. Those four responsibilities are

1. Act in the person’s best interest to avoid conflicts of interest.

2. Manage money and property carefully by paying bills on time, protecting unspent funds, investing cautiously, and keeping a list of all money, investments, property, and debts.

3. Keep money and property separate from the caregiver’s own funds. Avoid joint accounts.

4. Keep accurate records. Avoid paying in cash, and keep all receipts.

According to the CFPB Press Release, while all four guides have information about a fiduciary’s responsibilities, CFPB published four guides to tailor them to the four different types of fiduciaries: power of attorney, court appointed guardian or conservator of property, trustee under a revocable living trust, and government agency appointed income benefits manager. In addition to outlining the responsibilities of each type of fiduciary, all of the guides offer tips on how to spot financial exploitation and avoid scams.

Here are the links to download copies of the guides:

Power of Attorney Guide

Court Appointed Guardian Guide

Trustees of a Revocable Living Trust Guide

Government Appointed Fiduciary Guide

The guides are only available as downloads in pdf format. Paper copies are unavailable.

For more information you can  trust, visit your BBB at

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Jackie is the Operations and Education Foundation Assistant with the BBB. She assists consumers with business inquiries, and does presentations to senior groups and high school students. She is a regular contributor to the blog.