How to raise events defined using Event Properties
public class Person
    {
        private string _name;
        private string _phone;

        public string Name
        {
            get { return _name; }
            set
            {
                _name = value;
            }
        }

        public string Phone
        {
            get { return _phone; }
            set
            {
                _phone = value;
            }
        }

        protected EventHandlerList EventDelegateCollection = new EventHandlerList();

        //define the event key
        static readonly object PhoneChangedEventKey = new object();
        public event EventHandler PhoneChanged
        {
            add
            {
                EventDelegateCollection.AddHandler(PhoneChangedEventKey, value);
            }
            remove
            {
                EventDelegateCollection.RemoveHandler(PhoneChangedEventKey, value);
            }
        }
    }

public class Person
{
    private string _name;
    private string _phone;

    public string Name
    {
        get { return _name; }
        set
        {
            _name = value;
        }
    }

    public string Phone
    {
        get { return _phone; }
        set
        {
            _phone = value;
            //Invoke the Handlers now
            OnPhoneChanged();
        }
    }

    protected EventHandlerList EventDelegateCollection = new EventHandlerList();
    static readonly object PhoneChangedEventKey = new object();
    public event EventHandler PhoneChanged
    {
        add
        {
            EventDelegateCollection.AddHandler(PhoneChangedEventKey, value);
        }
        remove
        {
            EventDelegateCollection.RemoveHandler(PhoneChangedEventKey, value);
        }
    }

    private void OnPhoneChanged()
    {
        EventHandler subscribedDelegates = (EventHandler)this.EventDelegateCollection[PhoneChangedEventKey];
        subscribedDelegates(this, EventArgs.Empty);
    }
}

public class Person
{
    public event EventHandler<string> PhoneNumberChanged;

    private string _name;
    private string _phone;

    public string Name
    {
        get { return _name; }
        set
        {
            _name = value;
        }
    }

    public string Phone
    {
        get { return _phone; }
        set
        {
            _phone = value;

            if (this.PhoneNumberChanged != null)
            {
                this.PhoneNumberChanged(this._phone);
            }
        }
    }
}