Help with Handling Someone Else’s Money
Are you helping someone else manage their money? Maybe a family member or friend is worried about getting sick and wants to make a plan to have you help him pay his bills if something happens. Or maybe you were asked to become the guardian or representative payee for a loved one.
There are many reasons why you might help someone else manage their money, and many different arrangements that you can make to meet that person’s needs. For more information about common financial caregiving arrangements, check out the resources listed at the bottom of this page.
If you are helping manage someone else’s money, it is important to know the following three things:
- You must act in the “best interest” of the other person. This means any decisions you make about the person’s money or property should be the best decision to meet the person’s needs.
- For example, you may need to pay the person’s bills on time in order to keep them in a safe and healthy living situation.
- You should keep track of any money you receive and spend for the other person. It may be helpful to use a notebook or computer to document all incoming money and all expenses. You may need to show these records to a court or government agency in the future.
- You must keep the other person’s money separate from your own. If you put your money and the other person’s money into the same account, this makes it difficult to keep track of the person’s money and can even cause legal problems.
- For example, you should not put the other person’s money into your own bank account or open a joint bank account where you combine your own money with theirs. You should keep all of their money and property completely separate from your own.
Are you managing someone else’s money in Florida? Here are guides for different types of financial caregivers:
Questions? Need help? Please call (561) 684-5885 and press option 3 to leave a voicemail for our Elder Rights Center. We check our voicemail daily and will respond to you as quickly as possible