submitted by E. Garrett Gummer, III, Esquire, and Maureen L. Anderson, Esquire, www.GummerElderLaw.com
Have you been officially asked to manage someone else’s money? For example, have you been named an agent under a power of attorney, or a trustee of a trust?
As our society ages, more and more people are being asked to take on these roles, but they can be daunting. In order to help, the U.S. Consumer Financial Protection Bureau has published four free guides, under the general title Managing Someone Else’s Money. The guides are designed for (1) agents under a power of attorney, (2) court-appointed guardians and conservators, (3) trustees of a living trust, and (4) people appointed to manage someone else’s government benefit checks.