Consumer Financial

Protection Bureau

MANAGING SOMEONE ELSE’S MONEY 

Help for court-appointed 

guardians of property 

and conservators

HELP FOR COURT-APPOINTED GUARDIANS OF PROPERTY AND CONSERVATORS 1 

About the Consumer Financial 

Protection Bureau

The Consumer Financial Protection Bureau, or the CFPB, is 

focused on making markets for consumer financial products 

and services work for families — whether they are applying for a 

mortgage, choosing among credit cards, or using any number of 

other consumer financial products. We empower consumers to 

take more control over their financial lives. 

The CFPB Office for Older Americans is the only federal office 

dedicated to the financial health of Americans age 62 and over. 

Along with other agencies, the Office works to support sound 

financial decision-making and to prevent financial exploitation 

of older adults. To help people (including family members) with 

legal authority to handle an older person’s money, the Office 

contracted and worked closely with the American Bar Association 

Commission on Law and Aging to prepare this guide. 

Though the guide was developed by the American Bar 

Association Commission, it is not intended to provide legal 

advice or serve as a substitute for your own legal counsel. If you 

have questions or concerns, we recommend that you seek the 

guidance of the appropriate legal professional.
2 MANAGING SOMEONE ELSE’S MONEY 
HELP FOR COURT-APPOINTED GUARDIANS OF PROPERTY AND CONSERVATORS 3 

What’s inside

About the Consumer Financial Protection Bureau�������������������������������������������������������1

Why read this guide? ��������������������������������������������������������������������������������������������������������5

What is a fiduciary? 6

Guardian of property questions and answers 6

Four basic duties of a fiduciary ���������������������������������������������������������������������������������������8

Duty 1 | Act only in Martin’s best interest 8

Duty 2 | Manage Martin’s money and property carefully 10

Duty 3 | Keep Martin’s money and property separate 13

Duty 4 | Keep good records and report to the court 14

More things you should know����������������������������������������������������������������������������������������16

What if there are other fiduciaries? 16

Government benefits require special fiduciaries 16

How can you avoid problems with family or friends? 17

What should you know about working with professionals? 17

Watch out for financial exploitation �����������������������������������������������������������������������������18

Look for these common signs of financial exploitation 18

Be on guard for consumer scams ���������������������������������������������������������������������������������20

How can you protect Martin from scams? 20

Where to go for help �������������������������������������������������������������������������������������������������������24

Local and state agencies 24

Federal agencies 25

For legal help 25

For accounting help 25
4 MANAGING SOMEONE ELSE’S MONEY 
HELP FOR COURT-APPOINTED GUARDIANS OF PROPERTY AND CONSERVATORS 5 

Why read this guide? 

Like many people, you may never have been a guardian of someone else’s 

property before. That’s why we created Managing someone else’s money: Help for 

court-appointed guardians of property and conservators. This guide will help you 

understand what you can and cannot do in your role as a guardian. In that role, 

you are a fiduciary. For this guide, a fiduciary is anyone named to manage money 

or property for someone else. You’ll find brief tips to help you avoid problems and 

resources for finding more information. 

This guide is for family and friends serving as a guardian of property, not for 

professionals or organizations. The guide does not give you legal advice. State 

laws vary, so you may have additional duties. Talk to a lawyer if you have questions 

about your duties.

If you want to learn about how to become a guardian of property, this guide is 

not designed for you. Talk to a lawyer or read other guides from your state bar 

association or others. 

Let’s start with a scenario about how you might have 

become a guardian of property

Your family member or friend may not be able to make decisions on his 

own about his money and property. For this guide, let’s call him Martin. 

After a hearing, the court has named you guardian of property for Martin. 

You now have the duty and power to make decisions on Martin’s behalf 

about some or all of his money and property. 

The court has given you a lot of responsibility as Martin’s guardian of 

property. 

You are now a fiduciary with fiduciary duties.
6 MANAGING SOMEONE ELSE’S MONEY 

What is a fiduciary? 

Since you have been named to manage money or property 

for someone else, you are a fiduciary. The law requires you to 

manage Martin’s money and property for HIS benefit, not yours. 

It does not matter if you are managing a lot of money or a little. It 

does not matter if you are a family member or not. 

The role of a fiduciary carries with it legal responsibilities. When 

you act as a fiduciary for Martin, you have four basic duties that 

you must keep in mind:

1. Act only in Martin’s best interes

2. Manage Martin’s money and property carefull

3. Keep Martin’s money and property separate from your

4. Keep good record

As a fiduciary, you must be trustworthy, honest, and act in good 

faith. If you do not meet these standards, you could be removed 

as a fiduciary, sued, or have to repay money. It is even possible 

that the police or sheriff could investigate you and you could go 

to jail. That’s why it’s always important to remember: It’s not 

your money!

Guardian of property questions and answers 

What is a guardian of property?

A guardian of property is someone the court names to manage 

money and property for someone else whom the court has found 

cannot manage it alone. 

Sometimes a guardian of property is also appointed as guardian 

of the person. A guardian of the person makes Martin’s health 

care and other personal decisions. Sometimes a different person 

is appointed to be the guardian of the person, or Martin himself 

may still be able to make these personal decisions. 

This guide only covers duties of the guardian of property. Terms 

can differ. In many states a guardian of property may be called a

Different types of 

fiduciaries exist

In your role as guardian 

of property, you may act 

as or deal with other 

types of fiduciaries. These 

may include: 

Trustees under a revocable 

living trust—someone 

names them to manage 

money and property.

Representative payees 

or, for veterans, VA 

fiduciaries—a government 

agency names them to 

manage government money 

that is paid to someone. 

Agents under a power of 

attorney—someone names 

an agent to manage their 

money and property in case 

they are not able to do it.

Other guides explaining 

the duties of these 

fiduciaries are at: www.

consumerfinance.gov/

managing-someoneelses-money.
HELP FOR COURT-APPOINTED GUARDIANS OF PROPERTY AND CONSERVATORS 7 

conservator or guardian of estate. Martin’s money and property 

is called his estate. A person under guardianship may be called 

an incapacitated person, protected person or ward.

What are your responsibilities as a guardian 

of property?

As guardian of property, you have a double duty—both to Martin, 

the person you are serving, and to the court. 

DUTY TO MARTIN

You must always keep Martin’s best interests in mind. In 

managing his money, you must act for his good and not for your 

own good. Involve Martin in decisions as much as possible.

DUTY TO THE COURT

You are an agent of the court. The court has trusted you. You must 

report to the court regularly and be ready to answer any questions.

When do your responsibilities end?

Your responsibilities as Martin’s guardian of property last until the 

court relieves you of your duties. The court may do this because 

someone else has been appointed, Martin has died, or Martin no 

longer needs a guardian.

Don’t expect others to 

know what a guardian of 

property is or does. 

They may not understand 

that you have been 

appointed by the court. 

They may think you have 

more authority or less 

authority than you really 

have. You may need to 

educate them. You could 

show them this guide and 

a copy of the court order 

appointing you. 
8 MANAGING SOMEONE ELSE’S MONEY 

Four basic duties of a fiduciary 

Duty 1 | Act only in Martin’s best interest

Because you are dealing with Martin’s money and property, your duty is to make 

decisions that are best for him. This means you must ignore your own interests and 

needs, or the interests and needs of other people. 

To help act in Martin’s best interest, follow these guidelines: 

§ Read the court order. Your powers and duties as Martin’s guardian of property

are written in state law. They also may be written in the court order that appointed 

you. Some court orders may be detailed, while others may be very general. 

Read the court order closely, and talk to a lawyer if you don’t understand it. In 

some states, a guardian is required to have a lawyer. Ask questions and learn all 

you can about what you should do—and what you should not do.

§ Do what the court order says—and don’t do what it says you should not do. It is

important that you not act beyond what the law and the court order allow, and 

that you carry out the basic tasks necessary. Your powers may be limited to certain 

actions or certain amounts of money. You may need to get the court to approve 

other actions. Even if you have the best intentions, follow the court order. 

§ As much as possible, involve Martin in decisions. Many things can affect your 

decisions. For example, you might feel pressure from others. Martin’s abilities to 

make decisions might change from time to time, or maybe Martin was never able 

to make decisions about his money and property. Consider these three steps:

ú First, ask Martin what he wants. He may be able to decide some things. If 

so, take this into account, especially if it is similar to his thinking in the past 

and the risk of harm to him is not unreasonable. For example, if Martin 

wants to handle money, see if he can manage a small bank account or 

a monthly cash allowance. Doing this will let him be in charge of a set 

amount, and you will limit the risk to that amount. 
HELP FOR COURT-APPOINTED GUARDIANS OF PROPERTY AND CONSERVATORS 9 

ú Second, try to find out what Martin would have wanted. 

Look at any past decisions, actions, and statements. Find 

as much information as you can. Ask people who care 

about Martin what they think he would have wanted. 

Make the decision you think that Martin would have 

made, unless doing so would harm him. 

ú Third, do what you think is best for him. If you have looked 

hard and still don’t know what Martin would have wanted—

or if Martin could never make decisions about money 

and property—use your judgment about what is best. Put 

Martin’s well-being above saving money for others who 

may inherit his money and property. Make sure that he is 

safe and comfortable, and his needs are met. 

§ Avoid conflicts of interest. A conflict of interest happens 

if you make a decision about Martin’s property that may 

benefit someone else at Martin’s expense. Because you 

were appointed by the court, you have a strict duty to avoid 

conflicts of interest—or even the appearance of a conflict of 

interest. Try to keep an “arm’s length distance” between your 

interests and any use of Martin’s money. 

§ Don’t borrow, loan, or give Martin’s money to yourself or 

others. Even if the court order clearly allows gifts to you or

others, be very careful to avoid conflicts of interest. Usually, 

the court must approve gifts or loans, or those over a certain 

amount. Make sure that any gifts do not increase or complicate 

Martin’s taxes or change his plans for his property when he 

dies. Any gifts or loans should be in line with what Martin would 

have wanted. For example, if Martin gave money every year to 

a charity, the court may allow you to continue doing that.

§ Avoid changing Martin’s plans for giving away his money or 

property when he dies. There may be rare situations when 

changing Martin’s plans is in his best interest. But you should get

legal advice and approval from the court before you do anything. 

§ Don’t pay yourself for the time you spend acting as Martin’s 

guardian of property, unless the court allows you to do so. If 

you are allowed to pay yourself, get legal advice, check with 

the court, and carefully document how much time you spend 

and what you do. 

Avoid possible 

conflicts of interest

Sometimes people have 

good intentions, but do 

things they shouldn’t. 

Because you are now a 

fiduciary, you should 

avoid any conflicts of 

interest. Here are a few 

examples of possible 

conflicts of interest:

Whose car is it? 

You used Martin’s money 

to buy a car. You use it to 

drive him to appointments, 

but most of the time you 

drive the car just for your 

own needs. This may be a 

conflict of interest. 

Should you do business 

with family? 

Martin needs repair 

work in his apartment. You 

hire your son and pay 

him from Martin’s money. 

This may be a conflict 

of interest, even though 

the work was needed. It 

appears that you have put 

your personal interest to 

benefit your son in conflict 

with Martin’s interests.
10 MANAGING SOMEONE ELSE’S MONEY 

To avoid any surprises or misunderstandings, tell family about

your fees when you begin your duties as a guardian of property. 

If you charge fees, charge fees that are reasonable. Don’t charge 

for things you do that are not specifically as guardian of property.

For instance, don’t charge fees if you shop for Martin or personally

make home repairs. If necessary, you can pay someone else at 

a lower rate for these tasks and document the expenses.

Duty 2 | Manage Martin’s money and 

property carefully

As Martin’s guardian of property, you might pay bills, oversee 

bank accounts, or pay for things he needs. You might also 

make investments, pay taxes, collect rent or unpaid debts, get 

insurance if needed, cancel any unneeded insurance, and do 

other things in the court order.

You have a duty to manage Martin’s money and property very 

carefully. Use good judgment and common sense. As a fiduciary, 

you must be even more careful with Martin’s money than you 

might be with your own! 

Follow these guidelines strictly according to the court’s procedures:

§ Make an inventory. To make careful decisions, you need to

know what Martin owns and owes. To make a proper inventory, 

you must find and list for the court all of Martin’s income 

and property, as well as any debts or legal claims against 

his properties (called liens.) The court may give you a form 

and a deadline for making the inventory—for example, you 

might have 3 months. To avoid any risk to Martin’s money and 

property, you must make the inventory as quickly as possible. 

An inventory may include all kinds of property. Your list 

might include:

ú Checking and savings accounts;

ú Cash;

ú Pension, retirement, annuity, rental, public benefit, or 

other income;

Tips for making 

an inventory

Don’t leave anything out

Even if you know Martin 

wants you to have certain 

things and says so in his will, 

list them in the inventory. 

A proper inventory lists 

everything according to the 

court’s rules. Do not decide 

that some things should not 

be listed. 

Search carefully. Look

carefully to find everything 

Martin owns. Search his 

mail and home. Look for 

real estate by talking to 

family or advisors and 

looking through land 

records. Track down letters 

from creditors to find 

unpaid debts. Take valuable 

items to an appraiser. 

Verify if necessary. It

is a good idea to have 

someone else check the list, 

especially if family might 

argue over Martin’s money 

and property.
HELP FOR COURT-APPOINTED GUARDIANS OF PROPERTY AND CONSERVATORS 11 

ú Real estate;

ú Cars and other vehicles;

ú Insurance policies;

ú Trusts for which Martin is a beneficiary;

ú Stocks and bonds; 

ú Jewelry, furniture, and any other items of value; and

ú Unpaid credit card bills and other outstanding loans.

§ File the inventory with the court. Keep a copy of the inventory for your records

and file it with the court by the due date. Be ready to share it with family listed 

with the court as interested parties. In some states, you must have a lawyer 

review and sign the inventory. 

§ The court will probably require you to buy a bond. The court may require you 

to buy a bond. A bond is a special type of insurance policy so the court can 

make sure you carry out your duties. If you fail in your duties and, as a result, 

money is lost or stolen, the bonding company will pay the money back. Then the 

company will try to collect the money from you. The cost of the bond may be 

payable from Martin’s money. Ask the court staff whether you may use Martin’s 

money to cover this expense.

Only people with good financial records and credit histories can get a bond. If 

you have had a bankruptcy, you will not likely be able to get a bond. Try to check 

this before you are appointed as guardian of property or as soon as possible. 

Take all steps the court advises about getting a bond.

Sometimes, instead of requiring a bond, the court will limit the amount of funds 

you can take out of Martin’s account. This is called a restricted account. The court 

will tell the bank to block the account above a certain amount. If you want to 

spend more than that amount, you must get the court to approve the expense.

§ Protect Martin’s property. Keep his money and property safe. Have Martin’s 

income and bills sent to you. Put his valuable items in safe deposit boxes and 

lock other items he is not using in storage. Keep Martin’s cash in bank accounts 

that earn interest if possible and that have low or no fees. Review bank and other 

financial statements promptly. If Martin will not be living in his home, consider 

changing the locks. Figure out if the house should be rented, or how to keep 

it safe if it is vacant. If Martin rented an apartment and will be moving, tell the 

landlord, remove his things, and have the apartment cleaned.
12 MANAGING SOMEONE ELSE’S MONEY 

§ Make a financial plan. Make a budget as if you were making one for your own 

household. List how much you expect to pay for nursing home, assisted living 

or home care, rent, food, medical care, and home maintenance or repair. Be 

sure to include a monthly amount for Martin to use as he pleases. Think about 

any special expenses that may arise, such as dental work or any medical care or 

equipment that Medicare, Medicaid, or other health insurance will not cover. Try 

to stick to your budget. If something very costly occurs, you may need the court 

to approve the expense. 

§ Invest carefully. If you are making investments for Martin, talk to a financial

professional. The Securities and Exchange Commission (SEC) provides tips on 

choosing a financial professional at www.sec.gov/investor/alerts/ib_top_tips.pdf. 

Discuss your choices and goals for investing based on Martin’s needs and values.

§ Pay bills and taxes on time.

§ Cancel any insurance policies that Martin does not need. 

§ Collect debts. Find out if anyone owes Martin money, and try to collect it

§ There’s no place like home. Your state’s law or the court order may not allow 

you to sell Martin’s real estate. In any case, it is good practice to get court 

approval to sell, mortgage, or lease any property.

Martin may want to continue to live in the home he owns or rents. In that case, 

take these steps:

ú Determine if living in his home is safe, and if Martin can manage in 

the house. If needed, put in guard rails, grab bars, smoke detectors,

extra lighting, and other things to help him stay at home. Tax credits 

or deductions might be available if you make the home easier to live in. 

Work with any other decision-makers (such as an agent under a health 

care power of attorney or any guardian of the person if you have not been 

appointed to fill this role).

If it is not safe to live at home even with changes—or if Martin wants to move—

consider other places that meet Martin’s needs. Try to keep him connected to 

people and things important to him. Choices might be living with someone else, 

or living in a retirement community, a senior apartment, group home, assisted 

living, or nursing home. You may need court approval for a move.
HELP FOR COURT-APPOINTED GUARDIANS OF PROPERTY AND CONSERVATORS 13 

Duty 3 | Keep Martin’s money and property separate

Never mix Martin’s money or property with your own or someone else’s. Mixing 

money or property makes it unclear who owns what. Confused records can get you 

in trouble with the court. 

Follow these guidelines: 

§ Separate means separate. Never deposit Martin’s money into your own or 

someone else’s bank account or investment account. 

§ Avoid joint accounts. If Martin already has money in a joint account with you or

someone else, get legal advice before making any change. 

§ Keep title to Martin’s money and property in his own name. This is so other 

people can see right away that the money and property is Martin’s and not 

yours. Ask the bank for a guardianship or fiduciary account that shows you are 

managing the account for Martin. 

§ Know how to sign as guardian. Sign all checks and other documents relating to

Martin’s money or property to show that you are Martin’s guardian. For example, 

you might sign: “Juan Doe, as guardian for Martin Roe.” Never just sign “Martin Roe.”

Can Martin get any benefits? 

Find out if Martin is eligible for any financial or health care benefits from 

an employer or a government. These benefits might include pensions, 

disability, Social Security, Medicare, Medicaid, Veterans benefits, housing 

assistance, or food stamps (now known as Supplemental Nutrition 

Assistance Program or SNAP). Use the National Council on Aging benefits 

check-up at www.BenefitsCheckUp.org.

Help him apply for those benefits. The Area Agency on Aging where 

Martin lives can help you find information. Find the local Area Agency on 

Aging through the Eldercare Locator at www.eldercare.gov.

Medicaid is complicated

Get legal advice and be very careful about decisions that may affect 

Martin’s eligibility for Medicaid. The Medicaid program provides medical 

assistance and long-term care to low-income people. It may have another 

name in your state. To find your state Medicaid agency, visit: www.

benefits.gov/benefits/browse-by-category/category/MED.
14 MANAGING SOMEONE ELSE’S MONEY 

§ Pay Martin’s expenses from his funds, not yours. Spending your money and 

then paying yourself back makes it hard to keep good records. If you really need 

to use your money, save receipts for the expense and keep a good record of 

why, what, and when you paid yourself.

Duty 4 | Keep good records and report to the court

You must keep true and complete records of Martin’s money and property. 

As guardian of property, the court or a lawsuit can challenge you to show 

everything you’ve done with Martin’s money and property. Always be ready to 

share your records with family—unless you think they will misuse the information to 

harm Martin. 

Practice good recordkeeping habits:

§ Keep a detailed list of everything that you receive or spend for Martin. Records 

should include the amount of checks written or deposited, dates, reasons, 

names of people or companies involved, and other important information. 

§ Keep receipts and notes, even for small expenses. For example, write “$50, 

groceries, ABC Grocery Store, May 2” in your records soon after you spend 

the money.

§ Avoid paying in cash. Try not to pay Martin’s expenses with cash. Also, try not to 

use an ATM card to withdraw cash or write checks to “Cash.” If you need to use 

cash, be sure to keep receipts or notes. 

§ Getting paid? If you are permitted by the court to charge a fee to serve as 

guardian of property, be sure you charge a reasonable fee. Keep detailed 

records as you go along of what work you did, how much time it took, when you 

did it, and why you did it. 

§ File your accountings with the court. Each year—or whenever the court requires

you must report to the court, including giving an accounting of all the money 

you received and spent. 

ú The court will give you a specific form for the accounting or will tell you 

what is required. Use the records you have kept during the year to fill in 

the form. If you have questions, ask court staff or a lawyer for help. 

ú The court will tell you when the accounting is due. Be sure to turn it in on 

time. If your accounting is late, the court may call you in to explain why. 

ú Your accounting must be clear and must “add up.” The accounting should 

show a beginning balance, income during the year, expenses during the 

year, and an ending balance. The ending balance for one year should be 

the same as the beginning balance for the next year.
HELP FOR COURT-APPOINTED GUARDIANS OF PROPERTY AND CONSERVATORS 15 

ú Accounting requirements differ by court, and may change over time. Try 

to understand in advance what is needed, so that your accounting is not 

rejected for a minor problem. Ask for an example of a correct accounting. 

You may need an accountant to help. 

§ File a final accounting after Martin dies. Notify the court when Martin dies. 

According to court procedures, make a final accounting of Martin’s money and 

property, and ask for an order releasing you from your duties.

ú Sometimes, you may need to pay final bills or make final arrangements, 

especially if no one else can do it. For example, you may need to pay 

funeral expenses and final medical bills. 

ú If Martin did not already make funeral or burial arrangements, look for any 

directions he may have left—perhaps in advance directives or remarks to 

family or friends.

ú An executor named in a will, an administrator named by the court, or a 

trustee named in a trust will handle Martin’s money and property after 

you turn them over. Hold Martin’s personal things safely until they are 

transferred to whoever is to receive them. If you are the one named 

to handle Martin’s money and property after his death, make sure you 

understand when your duties as guardian end and your new duties begin.
16 MANAGING SOMEONE ELSE’S MONEY 

More things you should know

What if there are other fiduciaries?

Co-guardians

The court may have named someone else to act with you as Martin’s guardian of 

property, or it may have named someone else to act as Martin’s guardian of person 

to make healthcare and other personal decisions. 

Any other guardians will be your partners in making decisions on Martin’s behalf 

and in helping him make decisions if he is able. You must work closely together. For 

example, if Martin will move to a new location or get special care, his guardians must 

make important personal and financial decisions. You must consult with one another. 

Other types of fiduciaries

Other fiduciaries may have authority to make decisions for Martin. For example, he 

may have an agent under a power of attorney, a representative payee who handles 

Social Security benefits, or a VA fiduciary who handles veterans benefits. It is 

important to work with these other fiduciaries, and keep them informed.

Government benefits require special fiduciaries

As guardian of property, you cannot manage Martin’s government benefits such 

as Social Security or VA benefits unless you get a separate appointment from the 

government agency as, for example, a representative payee or VA fiduciary. For 

more information, contact the government agency.
HELP FOR COURT-APPOINTED GUARDIANS OF PROPERTY AND CONSERVATORS 17 

How can you avoid problems with family or friends?

Family or friends may not agree with your decisions about Martin’s money and 

property. To help reduce any friction, follow the four duties described above and 

the guidelines we’ve given you. 

§ Sharing information may help (unless Martin has said that you should not). It usually 

is easier to deal with questions about a decision when it happens than to deal with 

suspicion and anger that may build over a long time. State law or the court may 

require you to send accountings to family and friends, or may say you should not. If 

there is no direction from the court, get court approval before sharing information. 

§ Some family or friends may not have Martin’s best interest at heart, so it may be 

better not to share information with them, or to ask the court not to share it. Use 

your best judgment.

§ If family or friends don’t agree with your decisions, try to get someone to help 

sort it out—for example, a family counselor or mediator. See Where to go for help

on page 24 of this guide.

What should you know about working with professionals?

In managing Martin’s affairs, you may need help from professionals such as 

lawyers, brokers, financial advisors, accountants, real estate agents, appraisers, 

psychologists, social workers, doctors, nurses, or care managers. You can pay 

them with Martin’s money. 

If you need help from any professionals, remember these tips: 

§ Check on the professional’s qualifications. Many professionals must be licensed 

or registered by a government agency. Check credentials with the government 

agency. Make sure the license or registration is current and the professional is in 

good standing. Check the person’s complaint history. 

§ Interview the professional thoroughly and ask questions.

§ Review contracts carefully before signing. Before hiring any professionals, get

their proposed plan of work and expected fee.

§ Make your own decisions based on facts and advice. Listen to their advice but

remember you are the decision-maker.
18 MANAGING SOMEONE ELSE’S MONEY 

Watch out for financial exploitation 

Family, friends, neighbors, caregivers, fiduciaries, business people, and others 

may try to take advantage of Martin. They may take his money without permission, 

neglect to repay money they owe, charge him too much for services, or just not do 

things he has paid them to do. These may be examples of financial exploitation or 

financial abuse. As Martin’s guardian of property, you should help protect him. You 

should know the signs of financial exploitation for five important reasons: 

1. Martin may still control some of his funds and could be exploite

2. Even if Martin does not control any of his funds, he still may be exploite

3. Martin may have been exploited already, and you may still be able to d

something about that;

4. People may try to take advantage of you as Martin’s guardian; a

5. Knowing what to look for will help you avoid doing things you should not do

protecting you from claims that you have exploited Martin.

Look for these common signs of financial exploitation

§ Some money or property is missing.

§ Martin says that some money or property is missing.

§ You notice sudden changes in Martin’s spending or savings. For example, he: 

ú Takes out lots of money from the bank without explanation;

ú Tries to wire large amounts of money;

ú Uses the ATM a lot;

ú Is not able to pay bills that are usually paid; 

ú Buys things or services that don’t seem necessary; 

ú Puts names on bank or other accounts that you do not recognize or that 

he is unwilling or unable to explain;
HELP FOR COURT-APPOINTED GUARDIANS OF PROPERTY AND CONSERVATORS 19 

ú Does not get bank statements or bills; 

ú Makes new or unusual gifts to family or others, such as a “new best friend”; 

ú Changes beneficiaries of a will, life insurance, or retirement funds; or

ú Has a caregiver, friend, or relative who suddenly begins handling his money.

§ Martin says he is afraid or seems afraid of a relative, caregiver, or friend

§ A relative, caregiver, friend, or someone else keeps Martin from having visitors 

or phone calls, or does not let him speak for himself, or seems to be controlling 

his decisions

What can you do if Martin has been exploited?

§ Call the emergency 911 number if Martin is in immediate danger. 

§ Call local adult protective services or the police or sheriff. You may be 

required by law to do this.

§ Alert Martin’s bank or credit card company.

§ Call the local prosecutor or state attorney general.

§ Call the long-term care ombudsman program or the state Medicaid 

fraud control unit if Martin is in a nursing home or assisted living. 

§ Consider talking to a lawyer about protecting Martin from more 

exploitation or getting back money or property taken from him. 

Each agency or professional has a different role, so you may need to call 

more than one. For more information, see Where to go for help on page 

24 of this guide.
20 MANAGING SOMEONE ELSE’S MONEY 

Be on guard for consumer scams 

As Martin’s guardian of property, you should be alert to protect his money from 

consumer scams as well as financial exploitation. Criminals and con artists have 

many scams, and change them all the time. They often seek unsuspecting people 

who have access to money. Learn to spot consumer scams against Martin—and 

against you as his guardian. 

How can you protect Martin from scams?

Consumer scams happen on the phone; through the mail, e-mail, or the Internet; 

and they occur in person, at home, or at a business. 

Here are some tips: 

§ Put Martin’s number on the National Do Not Call Registry. Go to

www.donotcall.gov or call 1-888-382-1222. 

§ Don’t share numbers or passwords for Martin’s accounts, credit cards, or 

Social Security, unless you know whom you’re dealing with and why they need 

the information. 

§ After hearing a sales pitch, take time to compare prices. Ask for information in 

writing and read it carefully. 

§ Too good to be true? Ask yourself why someone is trying so hard to give you a 

“great deal.” If it sounds too good to be true, it probably is.

§ Watch out for deals that are only “good today” and that pressure you to act 

quickly. Be suspicious if you are not given enough time to read a contract or get 

legal advice before signing. Also watch out if you are told that you need to pay 

the seller quickly, for example by wiring the money or sending it by courier.

§ Never pay up front for a promised prize. Suspect a scam if you are required to 

pay fees or taxes to receive a prize or other financial windfall. 
HELP FOR COURT-APPOINTED GUARDIANS OF PROPERTY AND CONSERVATORS 21 

§ Watch for signs Martin already has been scammed. For example, does he

receive a lot of mail or e-mail for sweepstakes? Has he paid people you don’t 

know, especially in other states or countries? Has he taken a lot of money out of 

the bank while he was with someone he recently met? Does he have a hard time 

explaining how he spent that money? Is he suddenly unable to pay for food, 

medicine, or utilities?

What can you do if Martin has been scammed?

If you suspect a scam, get help. Contact a local, state, or federal agency, 

depending on the type of scam. You may also need to talk to a lawyer. 

Local agencies to call are adult protective services, the long-term 

care ombudsman program, the police or sheriff, and the local Better 

Business Bureau. 

State agencies to call are the office of the attorney general or another 

agency that deals with consumer protection. 

Call a federal agency if scammers are in other states or countries. Federal 

agencies are the Consumer Financial Protection Bureau, the FBI, the 

Federal Trade Commission, or the U.S. Postal Inspection Service. 

Each of these agencies and professionals has a different role so you may 

need to call more than one. 

For more information, see Where to go for help on page 24 of this guide.
22 MANAGING SOMEONE ELSE’S MONEY 

SCAM TYPES DESCRIPTION

Relative in need Someone who pretends to be a family member or friend calls or 

e-mails you to say they are in trouble and need you to wire money 

right away.

Charity appeals You get a call or letter from someone asking for money for a fake 

charity—either the charity does not exist or the charity did not call or 

write to you.

Lottery or 

sweepstakes

You get a call or e-mail that you have a chance to win a lot of money 

through a foreign country’s sweepstakes or lottery. The caller will offer 

tips about how to win if you pay a fee or buy something. Or the caller 

or e-mail says you already have won and you must give your bank 

account information or pay a fee to collect your winnings.

Home 

improvement

Scammers take money for repairs and then they never return to do the 

work or they do bad work. Sometimes they break something to create 

more work or they say that things need work when they don’t.

Free lunch Scammers invite you to a free lunch and seminar, and then pressure 

you to give them information about your money, and to invest the 

money with them. They offer you “tips” or “guaranteed returns.”

Free trip Scammers say you’ve won a free trip but they ask for a credit card 

number or advance cash to hold the reservation.

Government 

money

You get a call or letter that seems to be from a government agency. 

Scammers say that if you give a credit card number or send a money 

order, you can apply for government help with housing, home repairs, 

utilities, or taxes.

Drug plans

Scammers pretend they are with Medicare prescription drug plans, 

and try to sell Medicare discount drug cards that are not valid. 

Companies with Medicare drug plans are not allowed to send 

unsolicited mail, emails, or phone calls.

Identity theft

Scammers steal personal information—such as a name, date of birth, 

Social Security number, account number, and mother’s maiden name—

and use the information to open credit cards or get a mortgage in 

someone else’s name.

Fake “official” mail Scammers send letters or e-mails that look like they are from a 

legitimate bank, business, or agency to try to get your personal 

information or bank account number.

Common consumer scams
HELP FOR COURT-APPOINTED GUARDIANS OF PROPERTY AND CONSERVATORS 23 
24 MANAGING SOMEONE ELSE’S MONEY 

Local and state agencies

Adult Protective Services

Find the state or local agencies that receive and 

investigate reports of suspected elder or adult 

abuse, neglect, or exploitation by contacting 

the national Eldercare Locator. 

1-800-677-1116 

www.eldercare.gov

Area Agency on Aging/Aging 

and Disability Resource Center 

Find the local agencies that can give you 

information about aging and disability services 

and whether there are any support groups 

for fiduciaries or caregivers by contacting the 

national Eldercare Locator. 

1-800-677-1116 

www.eldercare.gov

Attorney General

Find a listing of state attorneys general on the 

website of the National Association of Attorneys 

General. Attorneys general can take action 

against consumer fraud.

www.naag.org

Better Business Bureau

Find a state or local bureau on the website 

of the national Better Business Bureau. 

The BBB can help consumers with complaints 

against businesses. 

www.bbb.org

Long-Term Care Ombudsman Program 

Find state and local advocates for residents 

of long-term care facilities by contacting the 

national Eldercare Locator. 

1-800-677-1116 

www.eldercare.gov

Mediators 

Find a listing of local mediators on the website 

of the national Association for Conflict Resolution. 

Mediation can help resolve disputes and may 

sometimes be an alternative to legal action.

www.acrnet.org (Click on “Membership,” then 

“Membership Directory,” then “Search”)

Medicaid/Medical Assistance 

Find a listing of state agencies that provide 

Medicaid/Medical Assistance on the federal 

Benefits.gov website.

www.benefits.gov/benefits/browse-bycategory/category/MED

Medicaid Fraud Control Unit 

Find a listing of state units on the website of the 

National Association of Medicaid Fraud Control 

Units. These units investigate and prosecute 

abuse and fraud by health care providers.

www.namfcu.net

Police or Sheriff 

Find a law enforcement agency by checking the 

local directory.

Where to go for help
HELP FOR COURT-APPOINTED GUARDIANS OF PROPERTY AND CONSERVATORS 25 

Federal agencies

Numerous federal agencies play a role in 

combatting fraud and abuse and educating 

consumers. Contact them for more information.

Consumer Financial Protection Bureau

1-855-411-CFPB

www.consumerfinance.gov

Do Not Call Registry

1-888-382-1222 

www.donotcall.gov

Federal Bureau of Investigation 

www.fbi.gov/scams-safety

Federal Trade Commission

1-877-FTC-HELP (382-4357) 

www.consumer.ftc.gov

Financial Fraud Enforcement Task Force

www.stopfraud.gov

Postal Inspection Service

1-877-876-2455 

https://postalinspectors.uspis.gov/

Social Security Administration

1-800-772-1213

www.socialsecurity.gov/payee

Department of Veterans Affairs

1-888-407-0144

www.benefits.va.gov/fiduciary

For legal help

Free legal services for people over age 60

Find local programs that provide free legal 

help to people over age 60 by contacting the 

national Eldercare Locator. 

1-800-677-1116 

www.eldercare.gov

Free legal services for low-income people

Find local programs that provide free legal help 

to low-income people on the website of the 

Legal Services Corporation.

www.lsc.gov/find-legal-aid

Fee-for-service lawyers

This is a web page sponsored by the American 

Bar Association. It provides information about 

how to find a lawyer in each state. It also has 

information about legal resources available in 

each state, how to check whether a lawyer is 

licensed, and what to do if you have problems 

with a lawyer.

www.findlegalhelp.org

For accounting help

Accountants

Find a local certified public accountant on the 

website of the American Institute of CPAs. 

www.aicpa.org/ForThePublic/FindACPA/

Pages/FindACPA.aspx
April 2015

 consumerfinance.gov

 Consumer Financial Protection Bureau

1700 G Street NW

Washington, DC 20552

 Toll free: (855) 411-CFPB (2372) 

TTY/TDD : (855) 729-CFPB (2372)

 info@consumerfinance.gov