Another Person’s Money
This article was posted several months ago to my website, but it bears repeating here.
Sometime in the 1990’s there was a great movie titled “Other People’s Money” with Danny DeVito. The plot of the film had nothing to do with estate planning, but the title hints at the issues of powers of attorney, trustees and guardianships. Those individuals are entrusted with handling “other people’s money”.
There is a very fine series of booklets published this year by the Consumer Financial Protection Bureau. As stated on the website www.consumerfinance.gov/managing-someone-elses-money, ‘the primary audience for the guide is family members and friends with legal authority to handle an incapacitated person’s funds.” There are four categories of “financial caregivers”: those with powers of attorney; court appointed guardians; trustees and government fiduciaries. The regulations guiding the financial obligations and actions of each are often complex and the booklets are a good source of basic information. There are also practical tips for people who have become financial caregivers. The booklets are free and free is good! They can be downloaded directly from the website.
If you have questions about the responsibilities of trustee, probate or guardianship in Colorado, contact me using the information below.
Please read the disclaimer at the end of this article and read my column below “How I Can Help You”