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Whats the Difference Between an Executor and a Power of Attorney
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Welcome to Miller Law Office YouTube Channel. Today we are going to discuss the topic: What’s the Difference Between an Executor and a Power of Attorney.
One of the many questions Plano estate planning lawyers get asked is how long is a Power of Attorney effective? Depending on what type of Power of Attorney you have, it may be in effect as soon as it’s signed or only when it’s determined that you can no longer handle your own financial affairs. Both Powers of Attorney cease to be in effect as soon as you pass away, which leads to the next question: what is the difference between a Power of Attorney and an Executor?
Depending on what powers were granted in the Power of Attorney, the Agent named as Power of Attorney can conduct real estate, stock, and other financial transactions without the Principal. As soon as the Principal dies, the Power of Attorney ceases to have any authority over the Principal’s financial affairs. That is the point where the Executor takes over.
The Executor of an estate is named in the Last Will and Testament and has control over all the assets held in the estate. The Executor must be appointed by the Probate Court after a period where any challenges to the appointment are made. Just as the Power of Attorney does not have the ability to act when the Principal is deceased, the Executor cannot act while they are still alive.
All this being said, it does not mean that one person cannot serve as Power of Attorney and also as the Executor – in fact, most of the clients seen by Plano estate planning lawyers have the same person acting as their Power of Attorney and Executor. The difference lies in the title of the person and role they are serving at the time – either Power of Attorney when the Principal is alive, or Executor when he or she has passed on.
We pride ourselves on the friendliness of our staff. We are not a stodgy law firm who sees clients as just numbers. We want to get to know you on a personal level, and we want you to get to know us. When you are ready to sit down and discuss your estate planning and elder law needs, contact us by phone and we will schedule your initial consultation.
00:00 - 00:10 - Let's discuss the topic "Whats the Difference Between an Executor and a Power of Attorney"
00:11 - 00:35 - How long is a Power of Attorney effective?
00:36 - 00:56 - Power of attorney.
00:57 - 01:19 - Executor.
01:20 - 01:41 - Most of the clients have the same person as their Power of Attorney and Executor.
01:42 - 02:05 - If you have any questions, please contact Miller Law Office.
Would like to learn more about Miller Law Office PLLC?
-------- USEFULL RESOURSES -------
Check out our Blog:
More information about us:
Our Facebook page:
Our Linkedin page:
Subscribe for more content like this:
#millerlawoffice #estateplanning #estate
Welcome to Miller Law Office YouTube Channel. Today we are going to discuss the topic: What’s the Difference Between an Executor and a Power of Attorney.
One of the many questions Plano estate planning lawyers get asked is how long is a Power of Attorney effective? Depending on what type of Power of Attorney you have, it may be in effect as soon as it’s signed or only when it’s determined that you can no longer handle your own financial affairs. Both Powers of Attorney cease to be in effect as soon as you pass away, which leads to the next question: what is the difference between a Power of Attorney and an Executor?
Depending on what powers were granted in the Power of Attorney, the Agent named as Power of Attorney can conduct real estate, stock, and other financial transactions without the Principal. As soon as the Principal dies, the Power of Attorney ceases to have any authority over the Principal’s financial affairs. That is the point where the Executor takes over.
The Executor of an estate is named in the Last Will and Testament and has control over all the assets held in the estate. The Executor must be appointed by the Probate Court after a period where any challenges to the appointment are made. Just as the Power of Attorney does not have the ability to act when the Principal is deceased, the Executor cannot act while they are still alive.
All this being said, it does not mean that one person cannot serve as Power of Attorney and also as the Executor – in fact, most of the clients seen by Plano estate planning lawyers have the same person acting as their Power of Attorney and Executor. The difference lies in the title of the person and role they are serving at the time – either Power of Attorney when the Principal is alive, or Executor when he or she has passed on.
We pride ourselves on the friendliness of our staff. We are not a stodgy law firm who sees clients as just numbers. We want to get to know you on a personal level, and we want you to get to know us. When you are ready to sit down and discuss your estate planning and elder law needs, contact us by phone and we will schedule your initial consultation.
00:00 - 00:10 - Let's discuss the topic "Whats the Difference Between an Executor and a Power of Attorney"
00:11 - 00:35 - How long is a Power of Attorney effective?
00:36 - 00:56 - Power of attorney.
00:57 - 01:19 - Executor.
01:20 - 01:41 - Most of the clients have the same person as their Power of Attorney and Executor.
01:42 - 02:05 - If you have any questions, please contact Miller Law Office.
Would like to learn more about Miller Law Office PLLC?
-------- USEFULL RESOURSES -------
Check out our Blog:
More information about us:
Our Facebook page:
Our Linkedin page:
Subscribe for more content like this:
#millerlawoffice #estateplanning #estate
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