Managing Someone Else's Money

Cover of Managing Someone Else's Money

Managing Someone Else's Money from People's Law School offers help for the attorney appointed under a power of attorney in British Columbia. This guide explains the attorney's duties and responsibilities, offers tips to avoid problems, and provides tools to stay organized.

Contents

• Introduction

• You Have Been Appointed as an Attorney
  • A scenario · What is a fiduciary? · Before you start

• Power of Attorney Questions & Answers
  • What is a power of attorney? · What is the attorney's authority? · Can the adult still manage her own affairs? · Can a power of attorney be changed or revoked? · What if you're concerned about fraud or abuse? · When do your responsibilities as attorney end? · What if you can no longer serve as attorney?

• Four Key Duties of a Fiduciary
  • Duty 1. Act honestly, in good faith & in the adult's interests · Duty 2. Manage the adult's money & property carefully · Duty 3. Act within the authority you are given and within the law · Duty 4. Keep good records

• More Things You Should Know
  • If others are involved in making decisions · Avoiding problems with family or friends · Working with professionals

• Keeping the Adult Safe
  • Watch out for financial exploitation · Look for these signs · Be on guard for consumer scams

• Your Attorney Toolkit
  • New attorney checklist · Inventory · Budget · Filing system · Financial management software

• Where to Get Help
  • Local & provincial agencies · For legal help · For accounting and financial help ·

• About
  • About People's Law School  · About Seniors First BC

Copyright & Disclaimer

Managing Someone Else's Money © People’s Law School is, except for the images, licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 2.5 Canada Licence.

At People's Law School, we believe accurate, plain English information can help people take action to work out their legal problems. This resource explains in a general way the law that applies in British Columbia, Canada. It is not intended as legal advice. For help with a specific legal problem, contact a legal professional. Some sources of legal help are highlighted in the "Where to Get Help" section.

About People's Law School

People's Law School is a non-profit society in British Columbia providing free education and information on the legal problems of daily life.