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Utah Estate Planning Attorney:Power Of Attorney VS. Executor
Author : Albert Roth
Submitted : 2011-12-15 13:59:08 Word Count : 761 Popularity: 0
Tags: utah estate planning attorney, davis county attorney, ogden divorce lawyer, ogden attorney, ogden bankruptcy attorney
Many people wonder if there is any difference between an executor and a Power of Attorney. Some people believe they are one in the same, when in fact they are not. Yet others wonder if the same person can fulfill both roles. There are still others who wonder if their is even a point of having a power of attorney. You will know the answers to these ponderings once you are done reading this article. It should also be said that you should speak to your attorney and understand the legal ramifications before signing any legally binding documents.
So, what is the difference between a power of attorney and an executor? The answer lies in the time frame of your life. A power of attorney gives someone authority to act on your behalf when you are still living, but loses authority upon your death. An executor ensures your last will and testament is fulfilled when you are deceased. Therefore, you may appoint the same person as your power of attorney,or agent and executor, but they obviously could not fulfill both roles at the same time.
There are some qualifications you may want to consider before making someone your agent, or executor. Are they of sound mind and mature? Is there any conflict of interest in upholding either positions? Do you trust them beyond a shadow of a doubt? Are they completely competent? Have they successfully held either of this positions for someone you know before? While it may take time to figure out the answers to those questions, because both positions carry a large amount of responsibility, you should know there are certain individuals who you may not name as your executor. A minor, convicted felon, or a non-U.S. citizen cannot be appointed as an executor.
Now, its time to find out what a power of attorney is. A power of attorney is a legally binding document that authorizes a person of your choosing to act on your behalf. They then become your attorney in fact, or agent.The authority you give this person may be very specific, or as general as you decide. Depending on your own situation you may want to have a general,limited,durable,non-durable, or springing power of attorney. A general power of attorney has broad authority to manage your finances and property as they see fit. A limited power of attorney is very specific as to the authority you give. A durable power of attorney would still be valid if you become mentally or physically debilitated and could no longer manage your own affairs. If you do not want your power of attorney to be durable make sure you specify this wish. A springing power of attorney only becomes effective once a predetermined condition or event occurs. You may be able to revoke the power of attorney by completing a revocation of power document.Besides having a power of attorney for financial matters you can have one for medical reasons. This document would have your preferences for medical treatment recorded and your agent would be responsible for having them carried out if you were not competent to do so yourself. You must be mentally competent before signing any of these documents because you are granting your agent authority as soon as you sign.
An executor of a will has many responsibilities. They must take care of the deceased's assets, and see that these assets are given to the proper beneficiaries as stated in the will. They must also pay the debts of the deceased, file a claim with their life insurance, pay the funeral director, and notify the IRS. These are just some of the responsibilities faced by an executor. Depending on your situation, there may be more. The executor's authority does not begin until a judge signs the appropriate order. Even though you pick someone to be your executor they still have the right to decline. In that case your contingent executor would become the exececutor. If you do not have a contingent executor the court will appoint one.
Author's Resource Box
To find out how a Utah Estate Planning Attorney can help you visit our website at http://www.neeleyandneeley.com. You can read about Neeley and Neeley on this Ogden Attorney website. If you have any questions about estate planning feel free to contact us with the information on this Davis County Attorney webpage.
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