My daughter works for a small investment firm and came across a problem with an elderly client.
Tif recommended that we set up a "trusted contact" for our accounts. (Not sure yet if this is for banks or whatever.) We thought having our children and grandchildren listed as beneficiaries was good enough, but apparently there's also something (a form to fill out) called "trusted contacts" for any investment firm you use. This is on top of Power of Attorney. Sheesh!
I got this from the Charles Schwab website.
What is a trusted contact?
A trusted contact is someone who can:
- Confirm your current contact information
- Confirm your health status
- Confirm the contact information for other authorized parties
- Discuss urgent, unusual account activity or other possible red flags
It's important to note that trusted contacts are unable to act on your behalf, execute transactions, or engage in account activity unless they're already an authorized party on your account.
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While you may not be required to have a trusted contact, establishing one may help your financial firm move more quickly and decisively when addressing suspected fraudulent activity. You may already have a power of attorney or spouse listed on your account, but a trusted contact provides an additional resource to reach out to if an issue arises.
Generally speaking, it would be a trusted family member. Luckily, we do have a number of trusted family members, but we'll stick to our daughter and son since they generally know where we are. I hope they don't mind this silly photo I just posted.
Ah well... I thought I'd share this just in case.
This is the first I have heard of this.
ReplyDeleteDefinitely a good idea (especially for single investors like myself) and what a cute, goofy family portrait! Boy does your daughter take after you Kay :^)
ReplyDeleteThanks for sharing, lovely and fun photo!
ReplyDeleteI haven't heard of a trusted contact before, but it sounds like a good idea (especially when your children don't live near by).
ReplyDeleteI have never heard of this.
ReplyDeleteIt is a good idea. You can do it for Facebook, as well.
ReplyDeleteMy neighbor is a good example of why a trusted contact is a good idea. She has a very large estate but is lost in dementia. Her power of attorney, her only child, died unexpectedly a couple months back. Although I'm not sure if was officially on paper, my neighbor did have a trusted contact whom we called to notify him of the situation and he came right over to help arrange for our neighbor's welfare until more distant family could be notified and arrive and make more permanent arrangements.
ReplyDeleteThat's a great photo! Love the quirkiness of it. I'd never heard of a trusted contact. Do you have to do one for every account?
ReplyDeleteLin Floyd says interesting...love your funny photo!
ReplyDeleteI think living close to our oldest daughter would serve as a trusted contact. I know for our long term care insurance we have to confirm every year her name and address in the event we don't pay our premium. I'd say that was trusted contact.
ReplyDeleteYou are always such a good fount of information. Thank you!
Yes, I'll stick with our son and daughter also. They are local and know what's going on with us.
ReplyDeleteLOVE that goofy photo! All your trusted ones.
ReplyDeleteGood to know
ReplyDeleteThat is such a good idea, and I guess I'll need to think of someone other than my spouse, just in case. :-)
ReplyDeleteVery interesting, thank you Kay. I am keeping this information bookmarked.
ReplyDeleteI loved the cute photo too.
DeleteVery funny photo...and I am not Anonymous! I am Margie from Margie's Musings
ReplyDeletevery lovely family photo, I do not mind at all..
ReplyDeleteIn the past, I've noticed "trusted contact" was for loans and Federal employment info, and even for doc offices. It always reeked of a company wanting to know how to find you if you didn't make payments as arranged. Definitely different than beneficiaries or financial power of attorney or healthcare power of attorney. They always used to ask for "someone not a family member." Yeah, most of my local friends know where I've been week to week or if I moved. My Will and Trust attorney never asked for such. Interesting how an investment place would ask. Linda in Kansas
ReplyDeleteNew concept to me.
ReplyDeleteThanks for sharing this.
ReplyDeleteI do like your family photograph ... fun.
All the best Jan