Legal Documents
Choosing a Trusted Contact for Banks and Financial Accounts
How trusted contacts can help financial institutions respond to suspected exploitation, confusion, or urgent account concerns.
A trusted contact is someone a financial institution may contact if there are concerns about exploitation, confusion, or difficulty reaching the account holder. It is not the same as giving someone power to spend money.
Why it helps
Trusted contacts can help banks and brokerages respond when unusual activity, suspected scams, or cognitive concerns appear. The Consumer Financial Protection Bureau discusses trusted contacts in its guide to planning for diminished capacity and illness.
Who to choose
- Someone reliable, reachable, and financially responsible.
- Someone who will respect privacy and not pressure decisions.
- Someone who can communicate calmly with institutions and family.
Review regularly
Update trusted contacts after divorce, death, family conflict, relocation, or loss of capacity. Also review beneficiaries, powers of attorney, and emergency contacts.