Four guides, released by the Consumer Financial Protection Bureau (CFPB), highlight a duty to protect vulnerable elderly or disabled adults, many of whom face difficulties in handling their own finances and are subsequently more susceptible to scams. Many have legally appointed caregivers – family, friends or loved ones – to oversee their money and property.
Recognizing a need to educate these financial caregivers, and encourage them in conscientious management of the funds entrusted to their care, the CFPB publications underscore four primary guidelines, which cite a fiduciary’s responsibility to:
- “Act in the person’s best interest”; avoiding the temptation to borrow or loan from the funds they are overseeing
- “Manage money and property carefully”; ensuring that bills are paid in a timely manner and making shrewd, cautious investments
- “Keep money and property separate from own”, e.g. steering clear of joint accounts
- “Maintain good records”; in particular retaining all receipts and detailing all incoming and outgoing monies
For more information, and to read these guides, please see here
If you, or someone you know, are struggling to contend with financial commitments, then please call us free of charge at 888-995-HOPE (4673). Our professional counselors are on hand 24/7 to assist with a wide-ranging scope of monetary issues, from debt management and budget creation to foreclosure prevention advice.