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Fiduciaries

A Fiduciary is a person in a position of authority whom the law obligates to act solely on behalf of the person he or she represents in good faith. Examples of fiduciaries are agents under powers of attorney, executors, trustees, guardians, and officers of corporations.

The Consumer Financial Protection Bureau (CFPB) Office for Older Americans works to support sound financial decision-making and to prevent financial exploitation of older adults. This federal office released four easy-to-understand booklets to help financial caregivers. The Managing Someone Else’s Money guides are for agents under powers of attorney, court-appointed guardians, trustees, and government benefit fiduciaries (Social Security representative payees and VA fiduciaries).

The guides are available to download on the CFPB website at www.consumerfinance.gov/managing-someone-elses-money.

You can also order free print copies at http://publications.usa.gov/USAPubs.php?NavCode=K&searchText=CFPB and free bulk orders at http://promotions.usa.gov/cfpbpubs.html.