WHAT’S THE DIFFERENCE? Power of Attorney vs. Executorship
Legal matters are already complicated, but it only gets more tricky when you are not able to make your own decisions. There are two legal entities that can typically step in at these times: someone who holds your power of attorney or, should the worst happen, your executor. It always best to seek the advice of a legal representative, but you can review Heritage Law’s summary below– then contact or visit us as soon as it is convenient.
POWER OF ATTORNEY
Those with your power of attorney are authorized to make the final call on specific areas of your life. This authority is only activated when you are alive, but unable to make these choices for yourself. Power of attorney can be about something as specific as an asset or a property, though often it can be as serious as major business decisions or even medical directives. Whether you are injured or unreachable, a power of attorney is an important consideration if anything is critically dependent on you.
Unlike a power of attorney, an executorship only comes into effect after you are no longer alive. Your will should appoint a capable person with the powers of executorship– they are then known as your executor. They are charged with the important duties of following your will’s instructions, distributing your assets, settling your finances or any number of other critical end-of-life decisions. An executor’s duties end once the will is carried out, the death certificate is acquired and the probate is filed.
The paragraphs above are only brief summaries of the full scope of these important legal roles. While it may be unpleasant to think about, some of the most important decisions of your life could be handled through either process. Again: it is very important to understand that none of these powers should be given lightly and you should always consult with an accredited lawyer before making such serious commitments.
Here at Heritage Law, our expert staff makes you and your loved ones the priority. Review our qualifications here and make an appointment at your leisure! Friendly legal professionals are standing by to handle any of your power of attorney or executorship issues!