Most people spend time planning for what happens after they pass away. Far fewer prepare for a situation that’s actually more likely: being alive, but unable to make decisions for themselves.
Whether due to illness, cognitive decline, travel, or an unexpected emergency, there may come a time when you can’t act on your own behalf. Without clear instructions and the right people in place, even routine financial or medical decisions can become complicated—often at the worst possible moment.
Three essential safeguards can help ensure your finances and medical wishes are handled according to your intentions.
1. Financial Power of Attorney
A financial power of attorney allows you to designate someone you trust to step in and handle financial matters if you’re unable to do so. This authority can be broad or limited—covering everything from paying bills and managing accounts to handling specific transactions while you’re unavailable.
The key isn’t just having a document in place—it’s having one that works when needed. Financial institutions have become more cautious in recent years, and outdated or generic forms are more likely to be rejected. If your plan hasn’t been reviewed in a while, it may not function as intended.
It’s also important to establish a power of attorney while you still have full capacity. Waiting too long can eliminate the option entirely.
2. Trusted Contact Person
A trusted contact is not someone who manages your money—it’s simply a person your financial institution can reach out to if something doesn’t seem right.
If a suspicious request comes through, or if there are concerns about your well-being or ability to make decisions, your advisor or account custodian may contact this person to help verify what’s going on. It’s important to understand the limits of this role. A trusted contact:
Can help confirm your contact information or general situation
Can provide context if something appears unusual
Cannot access your accounts
Cannot view detailed financial information (unless separately authorized)
Cannot make decisions or transactions on your behalf
In other words, this role is not about control—it’s about adding a checkpoint if something appears off.
Scams are becoming more sophisticated and targeted than ever—this simple step gives financial institutions more flexibility to pause and verify before acting on potentially fraudulent instructions.
3. Advance Health Care Directive
Medical decisions are often time-sensitive and emotionally charged. An advance health care directive helps remove uncertainty by documenting your preferences in advance.
It does two things:
Outlines the types of care you do—or do not—want
Names someone to make decisions on your behalf if you can’t
Without it, medical providers will follow standard protocols, and family members may be left trying to interpret what you would have wanted. In some cases, the person you trust most may not even have the legal authority to step in.
This is especially important for families with adult children. Once a child turns 18, parents no longer have automatic access to medical information or decision-making authority without proper documentation in place.
Why This Matters
Longer life expectancies, more complex financial lives, and the rise of digital accounts have all increased both the likelihood—and the consequences—of being temporarily or permanently unable to act. At the same time, financial exploitation and scams continue to rise, particularly among older adults.
If you’re unsure how these safeguards fit into your overall financial plan, our team can help guide you through next steps as part of a comprehensive financial planning engagement. Call (925) 938-2023 today to schedule a consultation with an Aspire Planning Associates advisor.
