• If you are assigned to manage a checking account (either through a power of attorney, conservatorship or some other agreement), you owe specific fiduciary duties to the actual owner of that financial account. The failure to honor these fiduciary duties results in the prospect of sanctions, including everything from removal from the account, monetary sanctions and even criminal prosecution.
  
  

Exclusive Use of Funds

• The primary fiduciary duty associated with managing a checking account for another is ensuring that the funds in the account are used exclusively for the benefit of the account's owner. In other words, you cannot transfer any of the money in the account for your own benefit except for any amount specifically designated as payment for your services.
  
  

Co-Mingling

• Another fiduciary duty is to prevent co-mingling of funds. You cannot mix the funds of the owner of the checking account with those of any other person, including your own.
  
  

Accounting

• You must maintain an accurate accounting of the account. You must account and record all deposits made into the account and completely document any expenditures from the account. Keeping receipts is crucial.
  
  

Reports

• If management of the account arises from a conservatorship order from a court, you must make reports to the court as required by the judge. If management of the account is undertaken because of appointment through a power of attorney, you must make reports to the grantor and owner of the account as requested.