Emergency Contact Authorization Forms Help Financial Firms Prevent Financial Elder Abuse

Proactive Financial Firms Use Emergency Contact Authorization Forms To Help Prevent Financial Elder Abuse 

An Emergency Contact Authorization Form allows a client to list trusted persons who shall be contacted if their financial advisor suspects diminishing capacity, financial abuse, or a financial predator.  The goal of the Emergency Contact Authorization Form is to permit your financial advisor to make your designated emergency contacts aware of the issues, and then, your emergency contact persons can reach out to you personally to determine if the advisor’s concerns are legitimate.

Financial advisors are in a unique position to know your financial history.  As a result, your advisor is also in a unique position to spot unusual activity and requests.  As you fill out an Emergency Contact Authorization Form with your financial advisor: 1) carefully consider who you should name; 2) discuss your choice with your advisor; 3) let the person you have chosen know that they have been designated as an emergency contact; and 4) and give your emergency contact your advisor’s contact information.

Please be aware that the Emergency Contact Authorization Form does not take the place of a Durable Power of Attorney (a legal document in which you give a person you trust the authority to make financial decisions on your behalf).  The Emergency Contact Authorization Form only allows you to designate individuals your advisor can contact to discuss their concerns.  The designated emergency contact individual could be the same person as the agent named in your Durable Power of Attorney, or you could designate another person as a way to provide some checks and balances. 

An Emergency Contact Authorization Form is an important part of a comprehensive estate plan.  The form will only work at the institution where it is on record.  You will still need to execute a Durable Power of Attorney to insure that all of your financial accounts will continue to be managed and your bills will get paid if you become mentally incapacitated.   

Please contact our office if you have any questions about Emergency Contact Authorization Forms, Durable Powers of Attorney, or if you suspect a family member or friend is being financially exploited or abused.

For more information visit our website:  https://santabarbaraestateplanner.com/    

(805) 669-7009 or tim@santabarbaraestateplanner.com

Amazing photo courtesy of Candida Performa http://flickr.com/photos/40006794@N02/3937474049