When an individual creates an estate plan, they are preparing for what happens to their assets in the event of a life change, such as illness or death. This allows them to still taken care of their possessions. In order to do this, individuals may appoint another person to help them handle these processes. An executor of an estate may be appointed to carry out these administrative duties to ensure an estate is taken care of after an individual’s death. However, there are some cases in which someone may require assistance even before their death. Because of this, a power of attorney may be appointed to make necessary decisions for another individual if they are no longer able to do so on their own.
What is an Executor?
An executor may be chosen by a person to take care of the necessary tasks of an estate plan’s administration. This job comes with many responsibilities. An executor’s first job is to bring the deceased’s will to Surrogate Court so that probate can begin and a will can be approved. After a will is approved, an executor has to handle any finances that must still be paid. In addition to this, one of the most important parts of estate administration is distributing the deceased’s assets to the proper beneficiaries. An executor must also resolve any issues and contests to a will if they arise.
It is important to appoint an executor that can be trusted to be able to handle the job and carry out their responsibilities properly. If they fail to do so, an executor can be replaced by a judge. This may happen if the original executor was negligent in caring for the estate. This means they did not act in the best interest of the deceased.
What is a Power of Attorney?
The job of a power of attorney is to make important decisions for another individual’s life. This may happen if the individual is incapable of communicating their wishes by themselves. In the event of this, a power of attorney may be appointed to make these decisions for them. This requires this individual to be a person who can be trusted to act in another’s best interest. Often times, family members or loved ones are chosen for the position.
It is important to know that the power of attorney’s authority is not unlimited. They are only allowed as much influence as they are given by the individual who appoints them. A power of attorney may be given the authority to make decisions regarding health emergencies, financial matters, or other situations.
Contact our Firm
If you have been assigned as a power of attorney or an executor and wish to consult a legal representative, contact The Lauterbach Law Firm today.
The Lauterbach Law Firm is proud to serve clients throughout Rockland County who are faced with legal matters related to estate planning, real estate, foreclosure defense, landlord-tenant law, business law, and criminal defense. If you require the services of an experienced team of attorneys, contact The Lauterbach Law Firm today to schedule a consultation.