Because you are dealing with Roberto’s money, 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 such as Roberto’s relatives who are not his dependents.
To help act in Roberto’s best interest, follow these guidelines:
- Avoid conflicts of interest. A conflict of interest happens if you make a decision about Roberto’s money that may benefit someone else besides Roberto. As a fiduciary, you have a strict duty to avoid conflicts of interest—or even the appearance of a conflict of interest.
- Don’t borrow, loan, or give Roberto’s money to yourself or others. The VA may allow gifts in certain circumstances, but be sure to check with them first.
- Don’t pay yourself for your services. Only certain organizations or qualified individuals are allowed to charge a fee to serve as rep payee or VA fiduciary if the particular agency approves it.