Types of Financial Agents

Types of Financial Agents

Types of Financial Agents

Institute on Aging has the authority and resources to act as the responsible party for the following designations:

Rep Payee

In this capacity Institute on Aging receives and deposits the client’s Social Security, VA or other income checks. Working within a budget, we consult with the client and/or the client’s representative(s) to develop a plan, make sure the bills get paid, manage bank accounts and provide cash on a regular schedule as needed.

Durable Power of Attorney for Finance

As a person’s legal agent, Institute on Aging may be granted limited or broad authority, depending on the most appropriate arrangements. We might manage a single bank account for bill paying or accept full responsibility for the person’s entire financial life, from investment oversight to property and business management.


Institute on Aging can be designated trustee to fulfill the expectations of a trust document. In this role we will confirm that all assets have been placed in the trust, pay expenses, fulfill tax obligations and make designated distributions. In addition, a trustee may hire Institute on Aging’s bookkeeping staff to manage the day-to-day paperwork. Our bookkeepers are exceptionally familiar with this type of work, so they are especially suited to meeting the needs of trustees.

Special Needs Trustee

Institute on Aging can be appointed to oversee a special needs trust, which is created to maximize state and federal benefits available to an individual with physical or mental disabilities. In this capacity Institute on Aging must adhere to allowable purchases, fulfill all legal obligations, and stay current on the detailed legislation defining these instruments.

Executor /Administrator

In this capacity Institute on Aging will honor an individual’s wishes regarding their estate after death. We will create an inventory of assets based on an appraisal, sell any real property in the estate, make appropriate distributions, and file an accounting with the court and beneficiaries.

Conservator of Estate

The court may appoint Institute on Aging to manage the estate of an individual who has been evaluated and found incapable of doing the job. IOA is experienced in fulfilling stringent obligations and requirements of the legal and court process; In this capacity we confirm that all assets are secure; pay all appropriate expenses; manage any property or business responsibilities and investments; and conduct long-term planning to maintain the individual’s quality of life.

Conservator of Person

If an evaluation shows that someone can no longer take care of themselves, the court may appoint Institute on Aging to make sure their care plan reflects their changing needs and is carried out. We make sure their home remains safe and appropriate. If asked, we will monitor their medications and medical appointments and even make health care decisions on their behalf. Our licensed fiduciary will work closely with a multidisciplinary Institute on Aging team of geriatric care managers, nurses, and home care staff to ensure the highest quality of life and independence.