How to Choose Trusted Contacts

Choosing a Trusted Contact can feel simple: a spouse, an adult child, a sibling, or someone else you already rely on. And often, that person may be exactly the right choice.

But it’s worth giving the decision a little thought. Being a Trusted Contact is a specific role, and the person you’re closest to isn’t always the person best suited for it.

Whether you’re choosing a Trusted Contact for yourself, helping a parent choose one, or have been asked to serve as one, here’s what to consider.

Understanding the Trusted Contact role 

A Trusted Contact is an extra layer of support. They don’t have the authority to move money or make financial decisions on your behalf, and they can’t see your financial information unless you’ve separately given them access.

Instead, they’re someone who can be contacted if there’s a concern about your financial well-being or a financial institution is having trouble reaching you.

The best Trusted Contacts tend to have three qualities:

• Reachable. They’re generally easy to get in touch with when something comes up.
• Observant. They know you well enough to recognize when something seems unusual or out of character.
• Comfortable speaking up. They’re willing to be candid when something doesn’t seem right, even when the situation may be sensitive.

That last quality can be especially important. A good Trusted Contact is someone you can count on to look out for your best interests and speak up when it matters.

Four questions to consider

1. How often are they in touch?
Regular contact matters. Someone who talks with your parent often is more likely to recognize when a financial decision, request, or situation seems out of character.

2. Can they stay calm when something comes up?
A Trusted Contact may be called during an unexpected or stressful situation. Look for someone who can listen, ask good questions, and respond thoughtfully without jumping to conclusions.

3. Can they be objective about money?
Financial relationships within families can be complicated. Consider someone who can put your parent’s best interests first and offer an independent perspective when it matters.

4. Is there enough trust for an honest conversation?
Sometimes being a Trusted Contact means raising a sensitive concern. The right person is someone your parent trusts enough to hear from—even when the conversation may be uncomfortable.

Consider naming more than one 

Having more than one Trusted Contact can add an extra layer of support. If one person can’t be reached, there’s someone else to call, and having more than one perspective can be helpful when something doesn’t seem quite right.

If you do choose multiple Trusted Contacts, consider people who know you in different ways or bring different perspectives.

Revisit your choices over time 

Relationships and circumstances change. People move, responsibilities shift, and the person who made sense as your Trusted Contact a few years ago may not always be the best fit.

Consider reviewing your Trusted Contacts periodically, just as you would beneficiaries, emergency contacts, or other important information.

Ultimately, the best Trusted Contact is someone who knows you, looks out for you, and is willing to speak up when something doesn’t seem right.

‍

Keep reading: Why You Need a Trusted Contact to Protect Your Finances

‍