Power of Attorney & Executor of a Will: What’s the Difference?
For many there are blurred lines between an attorney and an executor, however, its simple. Here is a short video to help you understand what makes the difference between an attorney and an executor.
So, What Actually is an Attorney?
An attorney is a person or a group of people who you give power in order to look after you and your finances if, for whatever reason, you are unable to. The power of attorney (POA) is only relevant to you whilst you are still alive and will have absolutely no effect once you have passed. This means that as soon as you pass whoever you have given POA to will no longer have the ability to make any decisions, they can actually be penalised if they do.
However, attorneys are not entirely in power, it is their duty to help you rather than take control. They have legal responsibility to do what is in your best interest whilst communicating with you to ensure that the decisions being made, financial or otherwise are the decisions that will best effect you. If you have more than one attorney, its possible they have to follow something called the LPA. It could mean they have to both agree on a decision before its finalised or they can make decisions individually with one another, be sure to know the difference when getting an attorney.
So, What’s an Executor?
An executor is someone you give power to handle your will; this will come into effect after you have died, and they cannot act during your lifetime. It is your executors’ job to carry out your will, for example if you request your estate be given to a specific person, your executor will be the one to do that for you. If you do not have a will your executor will do their best to carry out your wishes.
It is not as simple as that however, an executor also has to take on the responsibilities of your estate, if you have any outstanding debts such as a mortgage then your executor becomes responsible for that when you’ve died, and the estate has been handed to them. Making sure to understand exactly what it is the role that you, or the person you plan to make an executor is paramount in ensuring the best happens in your later life.
If you have concerns over a will or your attorney, do not hesitate to contact our team on 01903 229999 or info@bennett-griffin.co.uk and we would be pleased to discuss your case.
Disclaimer: Please note that this update is not intended to be exhaustive or be a substitute for legal advice. The application of the law in this area will often depend upon the specific facts and you are advised to seek specific advice on any given scenario.