Are You Now Or Do You Expect To Help An Elderly Parent Or Relative Manage His Or Her Finances?
Have you been given a power of attorney? If you answered yes to any of these questions, you have both legal and ethical obligations in your role as a fiduciary.
What are they?
As A Fiduciary, You Are Legally Bound To:
Act in the person’s best interest. You may NOT use their money for yourself or others and need to avoid any conflict of interest.
Manage assets carefully. Being responsible by paying all bills on time and considering any investment decisions carefully are part of the position. Get some help if you are confused or do not know what this means.
Keep money and property separate from yours. It is necessary for you to be sure NOT to mingle your money with theirs. Be certain to keep your assets totally separate from the person’s assets you are managing.
Maintain good records. As a fiduciary, you are held accountable for all transactions so keep clear and complete records.
The Dodd-Frank Act of 2010 created the Consumer Financial Protection Bureau to protect consumers by making and enforcing consumer financial laws. The CFPB has created guides to help.
These guides help “lay fiduciaries” understand their responsibilities under the law, provide education on financial scams and exploitation and give tips on where to go for additional help from local, state and federal resources.
At Keystone Law, Francisco Sirvent assists people with their legal questions every day. Check out our videos or if you want to schedule an appointment, call us at (480) 418-8448. We offer services for clients throughout Arizona, including Chandler, Gilbert, Sun Lakes, Tempe, Phoenix, Mesa, Scottsdale, and Apache Junction.
