As clients age, there is an increased risk of serious illness, diminished mental capacity and potential elder abuse. In order to protect our clients, we will be asking them to fill out a Backup Contact Information Form. This will allow our clients to direct us to who we should speak with and how to get in contact with them if we are unable to contact them for 60 days, if there is serious illness, fear of diminished mental capacity or elder abuse. This information allows for the continued protection of our clients and their finances if one of these instances occur. Due to the current privacy rules, backup contact information is needed in writing.
This information is especially essential for those who are single, as there is no co-owner of the assets and accounts. For those with co-owners/spouses, it is still important to make the designation early in order to protect yourselves. There may be things that can be done in order to protect the client and their beneficiaries. It may also be beneficial to send backup contact information to your CPAs, estate attorneys, insurance agents, etc.
Please be aware that this will not allow the backup contact to make any changes to your account or withdraw any funds.
If you would like a copy of our form, please contact us at (714) 827-5794 or sjg@assetplanninginc.com.