Managing Someone Else's Money

Managing Someone Else's Money from People's Law School helps the attorney appointed under a power of attorney in British Columbia understand their role. This publication explains the attorney's duties and responsibilities, and provides tips and tools to avoid problems and stay organized.

Cover of Managing Someone Else's Money

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
  • 1. Act honestly, in good faith & in the adult's interests · 2. Manage the adult's money & property carefully · 3. Act within the authority given and the law · 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. 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.