The Importance of a “Trusted Contact”

A 30-second read by the Baron Team: Increasingly, we understand that there can be a need to have an additional person like a trusted family member or friend we can contact to ensure the well-being of a client.  As we age, we may start to see that a person’s mindfulness and mental capacity diminishes.  For some, early-onset dementia or other illness necessitates having a trusted contact in place at an earlier age.  In those instances, who can you trust to be contacted on your behalf, if necessary?  For many it might be a child or a spouse, but for others it might be a friend or other family member. As advisors, we need to know in advance who that “Trusted Contact” is.

Once you designate a “Trusted Contact”, it allows your advisor to reach out to that person if you, the account holder, exhibit some of the signs or red flags of diminished mental capacity or if the advisor suspects that you are a victim of possible financial fraud. Some older or impaired clients are susceptible to financial abuse, even from their own children.  That is why it is important to name two or three “Trusted Contacts”, at the time the account is being opened. If you have had your account in place for a while, contact your advisor or custodian to designate a “Trusted Contact”.  It adds another important layer of protection for you.

Please reach out to your Baron Team to discuss designating “Trusted Contacts”.