If you have an executor already named in your will, do you still need a power of attorney? They aren’t really that similar, right? More or less the same things? No, i
n fact, they are not the same things; there are some key differences between the two, so let’s take a look at them now:
Power of Attorney
A person who is named power of attorney is someone who has the proper authority and powers (given by you) to handle any and all financial matters and property, and sign their name in your place. This authority only goes for as long as you are alive, and any power or authority you grant them ends at the time of your death.
Executor
Like a power of attorney, the person named the executor in the will has both power and authority to handle both property and finances after you’ve passed away (and after their appointment has been approved by the Court).
While duties of both executors and attorneys-in-fact (the official title of the person you appoint in a Power of Attorney) are quite similar, the main difference between them is that one of them has power and authority to act only so long as you’re alive (and ends once you’ve passed away), while the other has power that activates after you have passed away.
If you or someone you love needs assistance with Elder Care law issues, call 856-281-3131. Let us help ease your stress and give you a plan.