At Saanichton Law Group we know that understanding legalese can be a challenge at the best of times. That’s why we take pride in providing our clients with legal services and advice that they can understand without needing a background in law.
In this blog, we’ll clarify the difference between a power of attorney (POA) and an executor. Since the responsibilities of a power of attorney versus an executor are often closely related, it’s important to understand the differences between the two in order to make sure your intentions are carried out in the event of incapacitation or death.
POWER OF ATTORNEY
- This type of position is appointed for reasons due to an illness, absence, or for an individual incapable of minding his or her health and/or financial affairs.
- A power of attorney is given authority to manage for personal care and/or personal property of an incapacitated person.
- As opposed to the executor of a will, a POA document is in effect while the person it covers is still alive.
- A person can only have the capacity to grant a power of attorney if the person is over the age of majority, is aware of obligations to any dependents, is aware of the type of and value of property they possess and recognizes that the POA is authorized to do anything on his or her behalf in the event of their incapacitation.
- A power of attorney cannot act in a contrary manner to the interests of the person who appointed them. They also cannot make undisclosed profits, or write or change a will on their behalf.
- A power of attorney may be a relative or friend. This individual is allowed to speak with health care providers and make medical decisions on someone’s behalf while they are still alive. They may also make decisions about living conditions, nutrition and clothing for the person they represent.
- The power of attorney that manages an absent person’s property is authorized to pay bills and taxes, oversee real estate, and manage bank accounts and investments.
- Upon the death of the individual, the power of attorney’s position ends.
EXECUTOR
- An executor is appointed within a legal will and their duties only begin upon the death of the person who appointed them.
- An executor is the person who is appointed by a person to administer their estate in the event of their death.
- Following the notification of death, the executor pays debts and funeral expenses and cashes in assets of the deceased person according to the wishes stated in their will.
- Duties of the executor also include the preservation of assets, accurate maintenance of accounts, and the facilitation of the will.
- The executor must also carry out the numerous tasks in administering an estate, such as collecting and distributing income, dispersing assets to beneficiaries, providing a detailed accounting sheet to all involved, filing tax returns, and more.
- The role of an executor is extremely important. Therefore, it’s wise to choose a responsible, organized, and trusted individual to carry out the obligations of this role.
At Saanichton Law Group we can help you plan for the future with our wide range of estate law services. With over 25 years of experience in serving the Saanichton and Greater Victoria area, we understand the unique challenges and opportunities that residents of this beautiful corner of Vancouver Island encounter every day. You can trust in the expertise and local knowledge of our team as we help you with whatever legal issues you need resolving.
The lawyers at Saanichton Law Group are here to help you with many of your legal needs, including employment agreements, power of attorney, real estate law, mortgages and estate law. Call us at (250) 544-0727 or email us at info@saanichtonlaw.com for more details on how we can assist you.
