Navigating Aging: How To Plan For “What If?”
Every age has distinct vulnerabilities. For the elderly, diminished mental acuity, illness and accidents have the potential to trigger a crisis that engulfs a family – unless certain protections and protocols are put in place. Such protection can be especially important for people over 60, who may be more vulnerable to financial scams.
Here are some ways to make sure you and your loved ones are protected:
1. Stay current on threats and prevention best practices
Learn what’s happening in the marketplace, and take whatever steps are needed to protect yourself and your family. Whenever possible, take advantage of any enhanced account protections your financial institution makes available.
2. Create a central information repository
Organize and store relevant personal, financial and medical information in a secure central repository that your designated agent(s) and family members can access in case of an emergency.
3. Empower others to serve as your agents
In the event of an emergency, estate plans or nearer-term goals may be put at risk if no one has the authority to act on your behalf. Two ways others can quickly come to your aid:
• Grant power of attorney: A power of attorney (POA) that is properly registered on your accounts allows a trusted individual to take immediate action and grants them visibility into your accounts and future plans.
• Name a trusted contact: If you do not wish to put a POA in place, consider naming an emergency point of contact and prepping them in advance of a problem occurring; for example, by providing them with contact information for select family members, advisers, business partners or others.
4. Inform financial advisers of your plans
Make sure your financial advisers know how to reach your designated emergency contacts in the event you become incapacitated or cannot be reached. Your advisers’ insights and recommendations can aid the implementation of your plan or help recover funds in the event of a scam.
5. Keep documents and authorities up to date
Personal and professional circumstances change over time. Therefore, it is important to regularly review and update:
• Account authorities: Ensure the right people have access to your accounts and information.
• Estate plans and directives: Enable those authorized to act on your behalf to accurately carry out your wishes.
We can help
A J.P. Morgan team can answer your questions, provide advice on how to monitor your account for unauthorized activity, and update you on emerging threats in the marketplace.
Rick Barragan is the Managing Director,
Los Angeles Market Manager, for
J.P. Morgan Private Bank.
[email protected] | (310) 860-3658
privatebank.jpmorgan.com/los-angeles
Source: “Navigating Aging: How to plan for ‘what if?’”, Nadia Manara, Global Fraud Awareness, Christine Ward, Global Fraud Awareness, May 20, 2025
