When handling someone else’s money, it is important to know how to manage the money and property properly. Previously I’ve written about some very helpful guidelines published by the Consumer Finance Protection Bureau (CFPB) for an agent under a power of attorney, conservator (guardian) appointed by the court, trustee, or a government fiduciary.
The CFPB has just released new versions of these guidelines that are specific to Virginia.
My fellow members of the National Academy of Elder Law Attorneys contributed to these Virginia guides. (Ones for Arizona, Florida, Georgia, Illinois, and Oregon will follow.)
The Virginia guidebooks are:
- Agents under powers of attorney
- Court-appointed Conservators (guardians of the property)
- Trustees of revocable trusts
- Government fiduciaries – Social Security representative payees and VA fiduciaries
For all other states, the guides are:
- Agents under powers of attorney
- Court-appointed guardians and conservators (guardians of the property)
- Trustees of revocable trusts
- Government fiduciaries – Social Security representative payees and VA fiduciaries
If you are acting as an agent or financial caregiver, these guidelines will provide basic information to help you properly manage someone else’s property. For specific information, contact a lawyer.
