SPRINGFIELD, Va. (8/19/15)--Consumers in Virginia serving as financial caregivers to elderly relatives and friends have a new resource to turn through, courtesy of the Consumer Financial Protection Bureau (CFPB). The CFPB released a Virginia-specific Managing Someone Else’s Money guide this week, with specific guides for Arizona, Florida, Georgia, Illinois and Oregon on the way.
The bureau released a general Managing Someone Else’s Money guide in 2013. The guide features four booklets designed to help four types of fiduciaries: those who have been granted power of attorney; court-appointed guardians or conservators; trustees named under revocable trusts; and those appointed by a government agency to manage someone’s income benefits.
“The guides walk fiduciaries through their duties in managing someone else’s money. They provide tips and answers to everyday questions people may have about managing someone else’s bank account, applying for federal benefits, and sharing information with family members,” CFPB Director Richard Cordray said Monday. “The guides also make sure that caregivers are prepared to protect their friends and loved ones against financial scams and abuse.”
The state-specific guides are designed to provide specific information about a state’s policies and procedures when it comes to fiduciaries. The six states were chosen by the CFPB due to their large populations of older individuals.
For example, the Virginia guide contains lists of resources around the state, as well as information about filing annual reports with a court-appointed commissioner of accounts, which is required under Virginia law.
Cordray said the state-specific guides are intended to “serve as templates for other states to adopt similar resources going forward.”