Choose Someone to Make Decisions on Your Behalf
The legal team at Wilson C. Pasley PLC in Roanoke, VA, wants to help you learn the difference between a power of attorney, administrator, and executor. Establishing a power of attorney (POA), administrator, or executor for your will and estate is not a decision to be made on a whim. Giving someone you trust the legal power to make medical and financial decisions on your behalf can put your life and finances in good hands. All of these titles come with different responsibilities and abilities. In our blog this month, we’ll take a look at the difference between them. Which one might be the right one to add to your will or estate documents?
Power Of Attorneys Serve a Variety of Purposes
A power of attorney (POA) is a legal document giving a person the power to act for another. This person can have broad or limited authority to make decisions. The authority could be for a brief period while you are unable to make such decisions for yourself. It could be a long-term POA to provide administration for your property, finances, care, or estate. Becoming a POA for a loved one can be a hard decision. In order for your loved one to grant you power of attorney, you need to remember a few important items. Before your loved one can give you a POA, they must know what it truly means to sign over power of attorney. If your parent is already mentally incapacitated but has not granted power of attorney, you will need to go before a judge in order to get POA.
Understand the Role of Conservators, Estate Administrators, and Executors
A conservatorship can grant you the right to make financial decisions, while a guardianship can grant you the right to make medical decisions on behalf of your loved one. An estate administrator (a.k.a., an executor) is a person or organization that is responsible for settling an estate. A person can nominate an administrator in their last will and testament, but a probate court must appoint the person mentioned in the will before he or she becomes an acting administrator of the estate.
Recently, pop singer and actress Brittany Spears made the news headlines over wanting her father removed as conservator from her estate. The conservatorship was put in place in 2008 when she was hospitalized after many public incidents which raised concerns about her mental health. Now, years later, she removed her father as conservator, restoring her ability to control her own finances. Conservatorships are most appropriate to use when a person is of old age or of unsound mind. Having a lawyer on your side is key when a parent wants to give a POA, or when you are trying to obtain a conservatorship for a parent in bad health.
For more information on power of attorneys, conservatorships, and administrators , give Wilson C. Pasley PLC a call at (540) 266-1545. Like us on Facebook to stay up-to-date with the latest news and information. We are happy to discuss more about knowing the difference between a power of attorney, administrator, and executor.