SPRINGFIELD (WSLS 10) - The first state-specific guide for people tasked with managing someone else's money was released Monday in Virginia.
According to a release from Attorney General Mark R. Herring and the Director of the Consumer Financial Protection Bureau (CFPB), Richard Cordray, over 22 million older Americans have named someone to make financial decisions on their behalf in a power of attorney, and the news guide will help financial caregivers on how to act in a person's best interest and successfully manage money and property in Virginia.
Herring said in the release, the process of navigating state and federal laws can be overwhelming for financial caregivers. He also noted the number of Americans age 65 and up will double in the next 15 years.
Herring explained, "these guides will give financial caregivers the critical tools and information they need to perform their duties and protect their loved ones from financial exploitation."
Whether a financial caregiver is appointed by a court or chosen by family, a large portion of Virginia's financial caregivers are acting on behalf of older Virginians. Herring said the guides provide financial caregivers with information on how to get started, how to prevent scams and financial exploitation, and how to fulfill their duties. The guides also explain the role of a fiduciary, how to act in the person's best interest, maintain good records, and manage money and property carefully. All of the information is tailored to performing these duties within the laws and guidelines set forth in Virginia.
Since the circumstances of financial caregivers vary greatly, four tailored versions are available at the links below:
- Agents under power of attorney
- Court-appointed conservators
- Trustees under revocable living trusts
- Government benefits fiduciaries
Organizations interested in distributing guides to the community, members, or parishioners can contact CFPB's Naomi Karp at Naomi.firstname.lastname@example.org. Hard copies will be made available here free of charge.
For more information on Attorney General Herring's initiatives for older Virginians, visit www.oag.state.va.us.
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