Friends or Family: They may be named as a joint owner on accounts, as a power of attorney for finance, or as a conservator.
Daily Money Manager: Provides personal financial assistance under the direction of the client, with the client being the senior, the senior's relative or the person named as their durable power of attorney for finance.
Representative Payee: Appointed by the Social Security Administration to receive and manage Social Security benefits. Annual reports must be filed with the SSA by the Rep Payee.
Power of Attorney for Finance: Authorizes the named agent to make financial decisions on a person's behalf. Unless specified otherwise, it goes into effect immediately upon signing. A Durable Power of Attorney remains in effect upon the person's incapacitation, whereas a Power of Attorney that is not specified as durable would end upon incapacitation. (Please note that this effects only financial matters. To name an agent to act as a power of attorney for healthcare, an Advance Health Care Directive must be completed.)
Trustee: Carries out the terms of a trust as set forth in the trust document. A successor trustee would become the trustee and take over these responsibilities when the original trustee is no longer able to fulfill their duties or voluntarily steps down. This power covers the property included in the trust only, not all financial affairs.
Conservator: Is appointed by the court to handle an incapacitated adult's personal needs and/or estate, and must file reports with the court. A family member is often named as the conservator, but is not always. The court generally feels that arranging other alternatives to naming a conservator - such as naming an agent under durable power of attorney, the Social Security Administration naming a Representative Payee, having a spouse or partner handle the finances - are preferential solutions.
Professional Fiduciary: People licensed by California to act for non-family members as conservators, guardians, trustees and agents under durable power of attorneys in handling their clients personal, healthcare and/or financial matters. Conservators and guardians who have 2 or more clients, and trustees or agents under a durable power of attorney who have more than 3 clients must be a state-licensed fiduciary.