Have you thought about what would happen if you were unable to make important financial decisions or could not be reached? Do you know who your JNBA Advisory Team would contact and how that determination would be made? Having the proper arrangements in place helps ensure both you and JNBA know exactly who to turn to when needed.
There are two key documents that may help guide JNBA in these situations: a legal Power of Attorney (POA) and JNBA’s Authority to Contact form. While both play an important role, they serve very different purposes.
1. JNBA Authority to Contact
The Authority to Contact form identifies a trusted individual (or individuals) your JNBA Advisory Team may contact if we are unable to reach you or have concerns regarding your well-being. While the form does not authorize the individual to make decisions, provide transaction instructions, or act on your behalf, it permits JNBA to communicate with the authorized individual and discuss certain account-related matters.
2. Power of Attorney (POA)
A Power of Attorney is a legal document, often prepared with the assistance of an attorney, that authorizes a trusted family member, friend, or institution to act on your behalf. The person you appoint may be authorized to carry out the financial responsibilities outlined in your Power of Attorney, should you become unable to do so yourself.
Many people think of a POA as something that only applies in an emergency, such as incapacity. However, it can also be structured to take effect immediately or in other situations, such as when you are traveling internationally and unable to sign necessary documents. The flexibility of a POA allows you to determine both the scope of authority granted and when that authority may be exercised.
Why Both Documents Matter
Together, these documents provide your JNBA Advisory Team with clear guidance during unexpected situations. The JNBA Authority to Contact form gives us a trusted person to reach out to if we cannot contact you, while the Power of Attorney provides a designated individual who can step in to help carry out your financial wishes when authorized to do so.
Having both documents in place and keeping them current helps ensure continuity, reduces uncertainty, and allows JNBA to advocate for you effectively when it matters most.
Keep Your Documents Current
Life events such as marriage, divorce, relocation, the death of a family member, or changes in relationships may affect who you want serving as your Power of Attorney or trusted contact. We encourage you to review these arrangements periodically and notify your JNBA Advisory Team of any updates.
If you have questions, please reach out to your JNBA Advisory Team.
Please note: All services provided by Andrew Ross Sorkin, are separate and independent of JNBA Financial Advisors, LLC. Due to various factors, including changing market conditions and/or applicable laws, some of the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from JNBA Financial Advisors.
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