According to the FINRA website: power of attorney is a legal document you sign to grant someone you trust with authority to make decisions on your behalf. You must sign when you’re still mentally competent for your power of attorney to be valid. Planning for the future with a power of attorney could minimize complications to achieving your financial goals. Mental competency and minimizing complications are both excellent reasons to plan early for your later years so that your affairs are in order.
Selecting a power of attorney to manage your affairs—from managing your investments to overseeing your health care—is a decision not to be taken lightly. You need to name someone you trust to act just as you would, if you were able to do so. Additionally, you need to select someone who copes well in stressful situations and isn’t intimidated by physicians and other medical personnel when it comes to your health care.
Since your power of attorney will potentially handle your legal and financial affairs, it makes sense to choose someone who has some experience in these fields or has the personality and financial savvy to handle the decisions that may fall to them.
Choose someone who:
- Is trustworthy and fair-minded
- Understands their duties and is committed to taking those duties seriously
- Understands your wishes and your values
- Demonstrates loyalty to you
The laws governing powers of attorney are specific to each state, so you must understand the applicable laws both where you live and where your assets lie. Most states require that your power of attorney be in writing, witnessed, and notarized.
When it comes to signing a power of attorney, there are different types depending on your needs. The kind of power of attorney you choose matters because it determines when such authority takes effect and when it’s rescinded. For instance, non-durable powers of attorney are automatically revoked if you become physically or mentally incapacitated. So you may prefer to grant your agent what’s called a durable power of attorney, which remains in effect even if you become incapacitated.
Setting up your estate plan can never start too early as it can become overwhelming at times. Call us, your trusted financial professional, at (540) 720-5656, and together let’s get started on your plan today.
Investment advisory and financial planning services are offered through Alphastar Capital Management LLC (“Alphastar”), a SEC registered investment adviser. SEC registration does not constitute an endorsement of the firm by the Commission nor does it indicate that the adviser or investment adviser representative has attained a particular level of skill or ability. Additional information about Alphastar Capital Management, LLC is also available on the SEC’s website at adviserinfo.sec.gov. ILG Financial LLC and Alphastar Capital Management, LLC are separate and independent entities. The firm only transacts business in states where it is properly registered or is excluded or exempted from registration requirements. ILG Financial LLC offers insurance products through individuals licensed to sell insurance. Comments regarding guaranteed returns or income streams refer only to fixed insurance products offered by ILG Financial LLC and, unless specifically stated, do not refer in any way to securities or investment advisory products offered by Alphastar. Fixed insurance and annuity product guarantees are subject to the claims paying ability of the issuing company and are not offered or guaranteed by Alphastar.
Amy Anderson joined the ILG Financial team in 2023 as the client relations coordinator. Her responsibilities include scheduling of appointments, annual check-up notifications, and annuity and required minimum distribution assistance. She is a graduate of Harding University with a degree in Computer Information Systems. Amy and her husband have two children and she enjoys reading, crocheting, music and spending time with her family.
Chase Lopez joined the ILG Financial team in 2020 as an advisor. Chase is a 2016 James Madison University graduate with a degree in management. Chase has been trained under the tutelage of Dave Lopez, who is not only the founder and managing member of ILG Financial, but also is Chase’s uncle and godfather. He also enjoys working alongside his cousin, Megan, who is Dave’s daughter. Chase, as a fiduciary, believes in putting his clients interests first, and building out plans for his clients where they can have a happy and fruitful retirement. He married his beautiful wife in February 2022 and both use most of their free time chasing around their little pup, Aurora.
Jessica Carson joined the ILG Financial team in 2018 as an agent. Jessica and her husband have four children, two dogs, 3 barn cats, 5 chickens, and three parakeets. She indeed loves her children and pets! When not at work, Jessica enjoys playing the piano and cello as well as traveling and spending time outside with her family, hiking, fishing, and boating.
Terri Center joined the ILG Financial team in 2019 as client services manager. She handles client records, application processing, and gathering information to provide a professional and friendly experience with all of our clients. Terri is a graduate of Oakland University. She is married and has two children. She enjoys hiking, family time, and puzzle challenging video games. She also likes to share her creativity in her canvas paintings and sewing projects.
Megan Jones joined the ILG Financial team in 2020 as marketing director. Megan and her husband live in Fredericksburg, VA with their German Short Haired Pointer, Gus. Megan is a graduate of Longwood University and holds a degree in communications. Megan is the oldest of Dave Lopez’s three children and not only enjoys working alongside her father, but also with her cousin, Chase, who joined the ILG Financial team in 2020 as an advisor. When not at work, Megan enjoys sitting on the back porch with family and friends enjoying food and music.