Guide to Managing Someone Else’s Money

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If you have been named as an agent under a power of attorney or appointed trustee of a trust, you have duties and responsibilities that you must understand.  Frequently, I advise clients about their duties as an agent managing someone else’s money.  The Consumer Financial Protection Bureau (CFPB) provides free booklets for financial caregivers that are easy to understand.  These booklets contain practical tips that are helpful for people who manage money for aging family members, for friends, and for individuals with disabilities.

These guides are not specific to North Carolina, but are helpful to review to identify issues that may arise.  You can download the following guides at :

These guides will walk you through your responsibilities and teach you how to protect the person that has named you agent from financial exploitation.  A common question that I get is how to avoid issues with family and friends who disagree with your decisions.  The booklets also advise you about how to coordinate with other advisors (such as attorneys and financial planners) when you need assistance.

Reading these guides is not a substitution for legal advice.  The document that gives you power to act also dictates what you can and cannot do, and it is important to understand the boundaries.

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