What are the functions of an executor of a will and how do they differ from the functions of any powers of attorney? Fulshear Attorney Fiona Goodison explains the difference in this video. Call or text 800-929-1725 for an appointment with Ms. Goodison.
Summary of Functions of an Executor and a Power of Attorney
Today I wanted to talk to you about some questions that we get asked frequently in connection with estate planning for our clients. One of those questions is what is an executor versus a power of attorney?
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The Functions of an Executor
An executor is someone you appoint in your will to handle your affairs after you’ve passed. It’s a managerial type position. This is the person who would meet with a probate lawyer and handle the distribution of the estate pursuant to the terms of the will.
Functions of Powers of Attorney
A power of attorney is a document that designates a person – an agent – who is going to help you do something while you’re alive. We frequently prepare two powers of attorney in connection with our Estate Planning Package. The first is the Statutory Durable Power of Attorney, which is essentially a power of attorney that enables your agent to do legal and or financial things for you in the event that you cannot do them.
The second is the Medical Power of Attorney. It appoints a person as your agent to make medical decisions for you when you can’t. If you are medically incapacitated, your agent is the person who would take over and have discussions with the doctor.
So to sum it up, the functions of an executor focus on handling your estate after you’ve passed, whereas your powers of attorney designate one or more agents help you manage your affairs while you’re alive.
Get Started with Your Estate Planning
If you don’t have an estate plan, the State of Texas has one for you and it may not be what you want. Call or text 800-929-1725 or click the button below to make sure your wishes are honored.