I’m a 65 year old female, should I consider adding a trusted contact person to my investments?
Dear Cheryl&Mack,
As I get older, I realize how important it is to plan ahead—especially when it comes to my finances.
I recently had a health scare, and I’m worried that one day I may not be able to manage my investments properly or know how to. I’ve recently heard about a "trusted contact person."
Should I considered adding someone to be my trusted contact person?
What are your thoughts?
Thank you!
Signed,
TCP
Dear TCP,
Take the story of Ellen, a 68-year-old woman from Ontario.
She had always been meticulous about her finances, but when she faced a sudden health scare, she couldn’t keep up with her financial matters.
Because she had named her son as her TCP, he was able to step in and tell her financial advisor.
Without that step, Ellen’s situation could have become much more stressful.
In Canada, many financial institutions now encourage clients to name a TCP—someone who can be contacted if something happens and they’re unable to manage their affairs.
The TCP doesn’t make decisions for you, but they can help keep everything running smoothly, and they can step in if you ever need assistance.
It’s simple to set up, and it gives me peace of mind knowing I’ve got someone looking out for me—just in case.
It’s one small step that could make a big difference in the future.
I hope this helps and good luck!