CEO Amy Egtvet sat down with Alisa Penttila, WE Trust’s Director of Attorney-in-Fact, to talk about the role. They also covered some of the questions we hear most often from people contacting WE Trust for the first time.
Amy: How did you come to this role, and what drew you to it?
Alisa: I’ve been at WE Trust for a little over eight years. Like everyone here, I started out doing a bit of everything: family office work, estates. Attorney-in-fact clients need a little extra sensitivity, a little extra care, because of where they are in life. That’s what drew me. Knowing I can make a real difference by meeting someone where they’re at and hopefully helping improve their quality of life.
Amy: Along with the financial advocacy, serving as Attorney-in-Fact has a bit of a social work element sometimes. You’re problem-solving the whole picture — family dynamics, interested friends, all of it.
Alisa: Right. And you have to recognize that these clients are opening themselves up at a very vulnerable time. A lot of people who come to us aren’t quite ready to be attorney-in-fact clients. They still want to be in charge but they know they need some extra help. So part of the job is walking them through that stage and reassuring them that we are there to help not take over.
Amy: What does it mean to be someone’s financial attorney-in-fact?
Alisa: It means the client has turned over financial responsibility to another individual or, in our case, to a company. We marshal their accounts, oversee their investments, work with their financial advisor and pay their bills. We make sure nothing falls through the cracks. We manage the bottom line providing a safety net so they are not taken advantage of, can focus on other things in life and trust that they have someone in their corner.
Amy: When clients turn that responsibility over, do they give it up completely?
Alisa: No, definitely not. We walk alongside them, and we try not to do anything they’re not comfortable with. Sometimes a client is more incapacitated, and then we have to use our best judgment to make decisions for them. But usually we’re able to talk things through with the client, get their input and work out what’s best for them.
Attorney-in-Fact Questions We Hear Most
These next questions come straight from the client inquiries we get every week.
Amy: If I name WE Trust as my attorney-in-fact and the document is effective immediately, do you have access to all my accounts as soon as I sign?
Alisa: Technically, it could mean we’re able to gain access. But again, we work with the client and we only intervene when give permission to do so. We talk about when we’ll start looking at their banking, and we start working with their investment advisor. There’s also a whole stack of paperwork that has to be completed and shared with each financial institution. There are a lot of guardrails. We don’t just march right in. A power of attorney is a fully revocable document so we must ensure we are walking alongside a client and have their participation and consent to the degree they can give it.
Amy: So someone healthy and capable could sign a power of attorney today, effective immediately, and that doesn’t mean we’re hired and working for them right away.
Alisa: Correct. They can hold onto that document for weeks, months, even years. When they’re ready to use it, we talk about when to get involved and start working on their behalf.
Amy: How do you find out if I need your services? Who tells you it’s time to step in?
Alisa: A lot of times it’s a family member, a financial advisor or a neighbor. Someone in the client’s life who’s noticed things falling through the cracks. Maybe bills have been missed. Maybe taxes and all the little details are getting harder to keep up with.
Amy: So the community notices and alerts us. It’s not foolproof but it usually works.
Alisa: Right. And sometimes clients realize it themselves. They say, “I’d really like a second set of eyes. I want to start working with WE Trust so someone can make sure I’m doing all right.”
Amy: Will I have one contact person, or will it be whoever is available?
Alisa: We work in client teams. You’ll have a team of two or three people, so there’s always someone you can email or talk to. That way nothing falls through the cracks.
Amy: What makes a power of attorney work well when it’s actually needed? And what tends to cause problems?
Alisa: It works well when the client has documents that clearly spell out what they want their power of attorney to do, financial or health care. And when they’ve gathered their accounts together. Maybe they’ve listed everything in a binder, as much as they can. Then when someone needs to step in, we can see the whole picture and get started right away.
Problems usually come from the opposite. The documents haven’t been gathered. The client doesn’t really know what insurance they have or where their accounts are. Sometimes it’s last minute. There’s an accident, a family member has to step in, and nothing is organized. Of course, that’s also where we can really help. Clients know they can rely on us to come in and get everything going.
Amy: When might someone choose a professional instead of a family member or friend?
Alisa: It comes down to whether they have a family member with the time to do it. It takes a lot of time. Ideally that person lives nearby and has the time and energy to gather documents and stay on top of things. A lot of people don’t have that. And even though they love their family, they’d rather have a more objective person or company manage their finances. That’s where we step in.
Amy: I often say an attorney-in-fact client may not know what day of the week it is, but they can still have very strong opinions about how their money is spent. How do you learn a client’s wishes and values when they can’t tell you anymore?
Alisa: Once we can see their financial picture, their past history tells us a lot. Their checking accounts and investments show what they’ve donated to and what they like to spend money on. We also talk with their financial advisor, if they have one. Past patterns tell us a lot about what this person values.
Amy: Can you share a story, without identifying details, where having a professional attorney-in-fact made a difference?
Alisa: One of our clients lived in an adult family home for quite a while. He had very limited mobility, but we were able to greatly enhance his last years. We worked with his case manager and the owner of the home to set up activities that kept him mentally engaged, along with friendly visits. It was great to know he had plenty of funds, and that we could arrange and pay for experiences that enriched his daily life. He got to live out his life surrounded by caring people and was engaged to the degree that his physical limitations allowed.
Amy: That’s being a good advocate.
Alisa: Yes, exactly.
Amy: Anything else you’d like to share?
Alisa: Just that attorney-in-fact work is very rewarding. And a lot of people don’t realize they need a power of attorney in their estate documents. They think, “Oh, that’s so far off. I’ll be fine.” But you never know when it’ll need to be used. So when you’re doing your estate planning and drafting your will, make sure you have a power of attorney in place too.