It has become commonplace to fill out forms and answer questions with regards to those we can trust with our information and our lives. You may not have paid attention or even forgotten, but your bank and other financial institutions usually ask the questions for your trusted contact. Think of this person as your emergency contact if you had a financial emergency, in the same way you have a medical contact in the event of an emergency. But why do you need financial trusted contact, what is their responsibility and what can they do or not do?

Why a Trusted Contact

A financial trusted contact is someone to whom your financial institution can reach when they are unable to reach you. Financial institutions have dedicated teams of individuals and systems that constantly monitor your financial transactions, behaviors and trends.

Whenever something seems slightly abnormal or raises suspicions, your financial institution reaches out to you first. However, let’s say at the moment you are experiencing a medical condition and therefore unavailable, what actions should the financial institution take on your behalf? This is where your financial trusted contact can make a difference. Your bank or other financial institution will reach out to your trusted contact to learn about your current condition or circumstances. This may happen in real time long before your power of attorney or some other legal document can take effect. Your designated financial contact does not have to be a financial adviser, lawyer or any professional, but someone who knows you very well and that you can trust. While you are not legally required to appoint a trusted contact, financial institutions are required to solicit that information from you when you first established the relationship. By now you may have forgotten who that person is, but what is their role?

Trusted Contact Role

Basic 1: Your trusted financial contact should be able to provide to the financial institution when called upon your basic details such as your home address or even if you have changed addresses, telephone number, email address, your employer, and other basic contact information.

Basic 2: Your trusted contact should be able to inform the financial institution concerning whether you are on vacation or recently traveled, any health conditions such as have they noticed any signs of dementia or other physical or mental changes with you. Such a person can provide information to the financial institution which could lead to the appropriate persons in your life who may have legal or other authority over you. As a trusted financial contact, you could decide to become proactive and reach out to the financial institution in circumstances where you have noticed the client being manipulated, bullied or fraud.

Trusted Contact Choice

While having a trusted contact is important, unlike with many other major financial decisions, choosing one will not risk your financial destruction. Your trusted financial contact cannot access your financial records or execute transactions on your behalf. That person has no power or control over your finances. It is advisable to inform your designated trusted contact of their role and who they are before naming them on your financial documents. You should also review those who are your trusted contacts periodically at your financial institutions since contact information may have changed, contacts may have passed away or someone no longer desires to be your trusted contact. Finally, if you cannot recall filing out a trusted contact form reach out

to your financial institutions and request one to provide to your designated person. If you are asked to a trusted contact, you should note that your information remain private, cannot be shared and will not be used for marketing to you.

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Ruthven R. Phillip, Esq., is a tax attorney, Stewardship and Philanthropy Ministry Assistant, and CEO of Give2Getrich, LLC. Give2Get Rich, LLC 2025 All Rights Reserved. Any distribution or reproduction of part or all of the contents in any form is prohibited.