I have just learned that Morgan Stanley has instituted an optional opportunity that can be used by their aging customers. Maybe some other financial advisors or banks have a similar option. It provides a form for account holders to designate someone who the Morgan Stanley personnel can contact and share confidential information with, because — as the form says — “situations and circumstances may arise where Morgan Stanley, in order to protect me and my investment interests, may have concerns about my whereabouts, financial affairs or health status and deem it beneficial in its reasonable discretion, to share information, orally or in writing, about my account(s) with the contact person(s) I have listed below.” The option can be withdrawn, rescinded or cancelled by the customer at any time. The authorization is not the same thing as a trading authorization or power of attorney.
I think this is forward-thinking and really great. I have often blogged about the many ways people can plan ahead for a good old age, and that careful planning can prevent a crisis. This is another example of a sensible step people can take. You build your team, provide them with the tools they will need, and then head gracefully towards the future.
Call us about planning for a good old age ………. 732-382-6070