Navigating Aging: How to Plan for “What If?”
Creating a safety net for older clients requires “what-if” planning: taking steps to ensure at least two trusted individuals are granted the authority and information access to act on your – or an aging relative’s – behalf in the event of an emergency.
Here are six ways to make sure you and your loved ones are protected.
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.
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.
Empower others to serve as your agents:
• Grant power of attorney – a power of attorney (POA) that is properly registered on your accounts allows a trusted individual to take immediate action.
• 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.
• These are not mutually exclusive designations. You may be optimally served by having more than one individual take charge of your affairs if you are unavailable or incapacitated.
Involve all relevant parties
To put strong protections in place, have frank conversations with all relevant parties: partners/spouses, select family members and trusted professional advisers. Assigning at least two individuals to act on your behalf in an emergency can lessen their burdens, make it easier for timely reviews to take place and curtail opportunities for fraud.
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.
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.
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, June 29 2026
