Executors and Powers of Attorney

Why does one choose an Executor or a power of attorney? Executors and powers of attorney will be those trusted family or friends whom you believe are capable of either finalizing your last wishes, as outlined in your Will, or who you make responsible for your financial and medical decisions in the event that you are unable.

An Executor is the legal custodian of a person’s final Will. The Executor basically takes care of finalizing all business and personal matters for the deceased.

Who To Choose

Many people, when making out their personal Wills, choose a family member to be their Executor. However, this is not a hard and fast rule. With family situations changing, a Testator is free to choose a trusted friend, too. Choosing an Executor is like hiring an employee for a temporary time. It should be someone you trust and someone who knows your finances and personal life well enough to do your business and personal transactions justice.

Duties of Executor

The person named as Executor will be responsible for coordinating the various loose ends of your personal estate, including finishing up business and personal finances. The Executor will have to be able to perform these duties. If they are unable, the legal system can step in and perform the functions for them. The job of Executor is not an easy one. Depending upon the size of the estate and the scale of business and personal matters the Executor might even have to determine when it is wise to hire professionals such as lawyers and accountants to help in finalizing matters.

Typically, most Executors will be able to handle the paperwork themselves. The desires of the deceased must be followed according to the Will and other leftover matters such as taxes, personal businesses, and other property not accounted for must be dealt with. It should be noted that an Executor as named in the Will is not required to take on the role. Most states will appoint another or else take over the job themselves.

Power of Attorney

A power of attorney is a person legally assigned as such in a Living Will. A power of attorney will work on your behalf should some life threatening medical condition or accident render you incapable of making your own financial and/or health decisions.

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