June 01, 2017

New Michigan Guides Help Financial Caregivers

(The pdf for the issue in which this article appears is available for download: Bifocal, Vol. 38, Issue 5.)


Michigan has joined several other states in producing a series of helpful guides based on the Consumer Financial Protection Bureau’s national Managing Some- one Else’s Money set, and are adapted to Michigan law and resources. The guides include plain language information on caregiver
duties, as well as tips on how to spot financial exploitation and avoid scams.
Like the national CFPB guides, the Michigan toolkit includes four guides tailored to the needs of people in four different fiduciary roles:

■  Agents under a power of attorney
■  Court-appointed guardians of the estate
■  Trustees
■  Government fiduciaries (Social Security representative payees and VA fidu- ciaries). Michigan has also created a set of the guides in Spanish.
The free Michigan guides can be downloaded without charge at: https://protectmymoneymi.org
The CFPB encourages states to adapt these guides to their individual states’ laws. The Michigan
Guides—as well as those from Texas—provide a useful tem- plate for state customization.
The National CFPB Guides, which were developed by the ABA Commission ging, are available for free
at http://bit.ly/2oI4BXX.