When unexpected life events make it hard to speak for yourself, one way to safeguard your financial accounts is to name a
“It’s like an emergency contact,” says Deb Martin, manager of Thrivent’s Vulnerable Adult Office. “It’s someone you trust in your life that you’re giving your financial organization permission to reach out to in certain circumstances.”
Who can be named a trusted contact?
Anyone you trust, over the age of 18, can be named a trusted contact—whether it’s a family member, friend, neighbor or even your pastor or attorney. “Think about someone who would act in your best interest,” Martin says. If you want to name your spouse, consider naming a second trusted contact in instances where you and your spouse are both unreachable, such as when you’re traveling together.
Additionally, “I always encourage folks to consider naming someone who doesn’t already have legal authority,” Martin says. “If your adult son John is your power of attorney, think about naming your adult daughter Susan as your trusted contact so there’s a check and balance.”
In what circumstances would your financial institution call your trusted contact?
Your trusted contact may be called “if we observe suspicious activity and can’t get ahold of you, if we have concerns about your current physical or mental health status and think you might be putting yourself at risk, or we suspect you’re involved in a scam,” Martin says. “If you’re involved in a scam, you may not believe you’re involved in a scam, so that’s where a trusted contact can come in.”
What information can a trusted contact share with your financial institution and have access to?
By naming someone a trusted contact, you’re giving them and your financial institution permission to discuss information to address possible financial exploitation; your contact information; health status; and the identity of a legal guardian, executor, trustee or power of attorney, if you have one. “The trusted contact has absolutely zero authority to get information about an account or transact on an account,” Martin says.
