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Everything you need to know about naming a Trusted Contact Person

A Trusted Contact Person is an emergency contact should your financial advisor have concerns about your financial well-being. 

It’s essential to consider the concept of a Trusted Contact Person when managing your financial affairs. Let’s explore the concept and why they matter in safeguarding your financial well-being.

The Importance of Having a Trusted Contact Person

A Trusted Contact Person is an individual you give us written consent to contact in case of emergency.

Generally, we might contact this person to provide or confirm information if:

  • We need to confirm your contact information if we are unable to reach you after repeated attempts.
    • We suspect you’re being financially exploited.
    • We are concerned about your mental capacity as it relates to your ability to make financial decisions.
    • We need to confirm a legal representative’s name and contact information (e.g. your Power of Attorney).

    The Role of a Trusted Contact Person

    A Trusted Contact Person’s primary role is to provide or confirm information only.

    They are not granted access to your accounts or given authority to make decisions or transact on your account.

    Naming a Trusted Contact Person is optional, but they can serve as an additional resource that can give you an extra layer of protection and support to safeguard your financial assets.

    Choosing Your Trusted Contact Person

    Selecting a Trusted Contact Person requires careful consideration. Ideally, this individual would meet the following criteria:

    Four key criteria: 1) You trust them implicitly 2) They are familiar with your situation 3) They are comfortable with the role 4) Have Independence

    You can change your Trusted Contact Person any time you wish by completing a new Trusted Contact Person Form.

    What’s the difference between a Trusted Contact Person and a Power of Attorney?

    If something happens to you, for example, an accident or illness that impacts your ability to make financial or healthcare decisions for yourself, you will need someone to make those decisions for you. Your Power of Attorney is a legal document that gives someone you trust the right to make financial or health care decisions for you.

    A Trusted Contact Person does not have the legal authority to make financial or healthcare decisions on your behalf. They’re not liable for the information they provide us or the subsequent actions we may take.

    To learn more, click the link below to watch a 2-minute video on why you should have a trusted contact person.

    👉 Watch the Video Here

    Consider taking the time to designate a Trusted Contact Person and enjoy the peace of mind that comes with knowing you have an extra layer of protection in your financial life.

    For further details, reach out to us. We’re here to assist you every step of the way.

    The views expressed in this commentary are those of Tall Oak Capital Advisors as at the date of publication and are subject to change without notice. This commentary is presented only as a general source of information and is not intended as a solicitation to buy or sell specific investments, nor is it intended to provide tax or legal advice. Statistics, factual data and other information are from sources Tall Oak believes to be reliable but their accuracy cannot be guaranteed. This commentary is intended for distribution only in those jurisdictions where Tall Oak Capital Advisors are registered. Securities-related products and services are offered through Raymond James Correspondent Services Ltd., member Canadian Investor Protection Fund. Insurance products and services are offered through Gryphin Advantage Inc., which is not a member-Canadian Investor Protection Fund. This commentary may provide links to other Internet sites for the convenience of users. Tall Oak Capital Advisors is not responsible for the availability or content of these external sites, nor does Tall Oak Capital Advisors endorse, warrant or guarantee the products, services or information described or offered at these other Internet sites. Users cannot assume that the external sites will abide by the same Privacy Policy which Tall Oak Capital Advisors adheres to.