Democrat Lisa McCormcik, the progressive candidate for Union County Surrogate, announced that the Consumer Financial Protection Bureau’s (CFPB) Office of Financial Protection for Older Americans has released four easy-to-understand booklets to help financial caregivers.
The Managing Someone Else’s Money guides are for agents under powers of attorney, court-appointed guardians, trustees and government-benefit fiduciaries (Social Security representative payees and Veterans Affairs fiduciaries).
The guides help those serving as fiduciaries in three ways:
- They walk them through their duties.
- They tell them how to watch out for scams and financial exploitation and what to do if their loved one is a victim.
- They tell them where to go for help.
The guides may be downloaded here:
- Agents Under Powers of Attorney
- Court-Appointed Guardians
- Government Benefit Fiduciaries (Social Security Representative Payees and VA Fiduciaries)
“The best way we can protect consumers from unfair, deceptive, or abusive practices and take action against companies that break the law is by arming people with the information, steps, and tools that they need to make smart financial decisions,” said McCormick, who cited this as a primary purpose for creating the CFPB.
“Senator Elizabeth Warren help create the CFPB to provide a single point of accountability for enforcing federal consumer financial laws and protecting consumers in the financial marketplace,” said McCormick.
McCormick, who became one of the nine New Jersey Democrats to earn the greatest number of primary election votes when she ran for US Senator last year, is now competing against a 20-year incumbent, who is the son of the last Republican mayor of Elizabeth, for the Democratic nomination on June 4.
McCormick said most paperwork problems encountered by grieving families can be resolved before they start by understanding the rules and procedures for settling an estate.
These federal guides fill a key part of the knowledge gap that contributes to frustration at a time when mourners do not need the aggravation, so a little foresight has big payoffs.