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Attorney v Executor
Attorney vs Executor
It's not uncommon for confusion to arise when discussing the roles of an attorney, specifically for an Enduring Power of Attorney (EPOA), and an executor appointed in a will responsible for managing one's estate after death. The difference between the two, as outlined below, holds significant implications in matters of life and death.
Enduring Power of Attorney (EPOA):
An EPOA becomes relevant when an individual is unable to make decisions for themselves due to illness, incapacitation, or an inability to communicate vital choices. The appointed attorney becomes the trusted individual responsible for acting in the best interests of the person, overseeing both property and personal care and welfare.
There are two distinct types of EPOAs: one for property matters and another for personal care and welfare. The same person can be chosen for both roles, or different individuals can be appointed to handle each responsibility.
The attorney, acting within the boundaries set by the EPOA, holds the authority to manage finances, make decisions regarding property, handle medical care choices, and consult with family members on health-related matters. Crucially, an attorney's power is limited to what is expressly granted in the EPOA, ensuring decisions align with the individual's intentions. For instance, an attorney for personal care and welfare cannot withhold life-saving medical treatment without explicit permission.
Who Needs an EPOA?
Contrary to common belief, EPOAs are not exclusive to the elderly. They are invaluable for individuals facing unforeseen circumstances, such as a young person recovering from serious injuries or someone working offshore who needs a trusted individual to sign documents on their behalf. Without an EPOA, the alternative is a costly and time-consuming process through the Family Court to appoint an attorney.
A Will:
A will is a legal document specifying the distribution of assets after an individual's death. It appoints an executor, or multiple executors, tasked with carrying out the deceased person's wishes.
Executor's Role:
Working in tandem with legal professionals, an executor plays a pivotal role in administering the deceased person's estate according to the terms outlined in the will. Responsibilities include calling in assets, settling outstanding debts, ensuring specific bequests (like an engagement ring) are fulfilled, and managing investments until beneficiaries reach a specified age to receive their inheritance.
Get Your Affairs in Order:
The absence of a will means that assets will be distributed based on intestacy rules, potentially deviating from the deceased person's desires. To avoid unforeseen complications and uphold your wishes, it's crucial to prepare both a will and an EPOA in advance. Don't wait until it's too late; take control of your legacy and spare your family unnecessary heartache. Contact us today to begin the process of preparing your will and EPOA.
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