World of Difference in Difficult Times

World of Difference in Difficult Times

Posted on Apr 18th, 2022

It’s been our experience when dealing with aging clients as well as their estates, that there are a number of very important tools to have in your tool belt during your golden years in order to protect and preserve your family wealth. One of those tools is setting up a “Trusted Contact Person”.

The “Trusted Contact Person” is an individual – agreed upon by the client and their advisor – that the advisor can reach out should they have any concerns about the client’s mental well-being, or if they are potentially being taken advantage of by someone close to them, such as a cleaner or extended family member.

As our parents and grandparents age, it’s important that they have a network of people around them including friends or family members to ensure their safety, security and above all their independence for as long as possible.  As a family office, we employ this Trusted Contact Person process to ensure their affairs are handled properly in case our client should ever exhibit symptoms that don’t match the person they typically are. In an advisory role of trust, it is critical that we have the blessing from our client to talk to a specified friend or family member in order to get the help that they need.

The Trusted Contact Person does not replace the Power of Attorney for financial transactions (which is another important tool should you become incapacitated). Instead, the Trusted Contact Person it is merely a means to reach out to a trusted person to ensure that our client gets the help that they need while not breaching any client privacy rules. 

Talk to us at your next meeting about setting up your “Trusted Contact Person”.