Start by making a list together: each account, where it is, whose name is on it and how it is protected. Let your parent lead. If someone may need to act for them later, the role matters: an agent under a power of attorney, a trustee, a court-appointed guardian or conservator, and a government fiduciary each work differently, and the CFPB has a free guide for each.
What should we write down first?
- Every account: the bank or brokerage, the kind of account, whose name is on it, and roughly how much is there.
- How each one is protected: insured deposit, U.S. Treasury-backed, or can go up or down (see what protects each kind of account).
- Where statements arrive, by mail or online, and where they are kept.
- Anyone already named on an account: joint owners, payable-on-death beneficiaries, trusted contacts.
- Which papers name someone to act for your parent, such as a power of attorney or a trust, and where those papers are.
- Who to call at each bank, brokerage or insurer.
Keep passwords and full account numbers off the list; write down where they are kept instead. Our free Money Map printable fits the accounts on one page.
Who can act for a parent, and how?
| Role | How it begins | What it means |
|---|---|---|
| Agent under a power of attorney | Your parent signs a power of attorney that names you | You make money and property decisions for your parent, as the document allows |
| Trustee | A trust document, such as a revocable living trust, names you | You manage the trust’s property under its terms |
| Guardian or conservator | A court appoints you | You have the duty and the power to make financial decisions for your parent |
| Government fiduciary | An agency such as Social Security or the VA appoints you | You manage that benefit income for your parent |
The Consumer Financial Protection Bureau has a free plain-language guide for each of these roles: Managing Someone Else’s Money. Read the one that fits before you act.
What is a trusted contact person?
A brokerage can ask your parent to name a trusted contact, a person the firm may reach in limited situations: if it has trouble reaching your parent, suspects a health issue, or believes the account may be exposed to financial exploitation. Naming one is optional, and a trusted contact has no authority to act in the account or make trades (FINRA).
Is a joint account the same as a power of attorney?
No. A joint owner is an owner of the account, while an agent acts for the owner. For FDIC insurance, joint accounts are also their own ownership category (FDIC). Before changing how an account is titled, ask the bank what the change would mean.
Where can we get help?
- Adult Protective Services: every state has a program that responds to reports of abuse, neglect or financial exploitation of older adults and adults with disabilities (ACL).
- Local services for older adults and families: the Eldercare Locator, 1-800-677-1116 (eldercare.acl.gov).
- Questions about a brokerage account: the FINRA Securities Helpline for Seniors, 844-574-3577 (FINRA).
- Scams and fraud: report to the Federal Trade Commission at ReportFraud.ftc.gov.
- Free materials for older adults and caregivers: the CFPB.
If someone is in immediate danger, call 911.
Common questions
What should I write down first when helping a parent with money?
A list of every account: where it is, whose name is on it, how it is protected, where the statements are, and who to call. Keep passwords and full account numbers off the list.
What is a trusted contact person?
Someone your parent names at a brokerage, whom the firm may reach in limited situations, such as when it can’t reach your parent or suspects financial exploitation. It is optional, and a trusted contact can’t act in the account or make trades.
Is a joint account the same as a power of attorney?
No. A joint owner is an owner of the account, while an agent under a power of attorney acts for the owner. Ask the bank what a change would mean before retitling an account.
Who can I call if I think a parent is being taken advantage of?
Your state’s Adult Protective Services program, which responds to reports of financial exploitation. For a brokerage account, the FINRA Securities Helpline for Seniors is 844-574-3577. Report scams at ReportFraud.ftc.gov. If someone is in immediate danger, call 911.
Sources
Each source was checked on October 8, 2026. Rules and limits can change; when it matters, check the source.
- Consumer Financial Protection Bureau: Managing someone else’s money, updated June 25, 2026
- FINRA: Trusted Contacts, updated August 25, 2025
- U.S. Administration for Community Living: Supporting Adult Protective Services, updated October 8, 2020
- U.S. Administration for Community Living: Eldercare Locator, updated March 2, 2026
- FINRA: FINRA Securities Helpline for Seniors
- Federal Trade Commission: Consumer Advice: report fraud at ReportFraud.ftc.gov
- Consumer Financial Protection Bureau: Resources for older adults, updated May 28, 2026
- FDIC: Deposit Insurance at a Glance, updated April 1, 2024
More free guides
Is my money insured?
Check FDIC and NCUA coverage by bank and ownership type, with a free screening tool.
FDIC, NCUA, SIPC or the Treasury?
One table showing what protects each kind of account, and what doesn’t.
Money market fund or money market account?
Two products with nearly the same name and very different protection.
Keeping records of interest and dividends
Cash or reinvested, 1099-INT or 1099-DIV, and what to report.
Treasury bills or CDs?
Who backs them, how they’re taxed, and what happens if you need the money early.
What happens when a CD matures?
Grace periods, automatic renewal, and the notice your bank must send first.