What's the Difference Between Power of Attorney & Executor?

The legal terminology involved in planning for the end of your life or eventual incapacity can be confusing. For instance, what is the difference between someone who has power of attorney and someone who is designated as an executor of your estate? Read on to learn more about the different fiduciary roles involved in establishing an estate plan.

What is a Power of Attorney?

Medical Power of Attorney and Statutory Durable Power of Attorney (POAs) documents are an essential part of an effective estate plan. POAs allow you to designate a trusted person to make financial, medical, business and other decisions for you if you become incapacitated. Your designated power of attorney only has the authority to make these decisions during your lifetime, and ceases to have that authority upon your death. 

What is an Executor?

The executor of your estate takes care of your affairs after you die, and is responsible for settling your debts, disbursing assets to your beneficiaries, and otherwise managing your estate. Executors are designated in a person’s last will and testament, and have to be approved by the court overseeing estate proceedings before they can take any action on your behalf. An executor and a power of attorney can be the same person; however, they must act according to the laws and statutes governing each role.

To learn more about appointing power of attorney or designating an executor for your estate, contact us for a consultation today at 214-814-5123 or at admin@katherinekimlaw.com!