Difference Between Executor and Power of Attorney
What’s the Difference Between Executor and Power of Attorney ? Whether you’re considering estate planning or you’ve already begun the process, one of the first decisions you’ll need to make is deciding whether to hire an executor or a power of attorney. While the names may sound similar, their duties are very different. The power of attorney is a document that grants an individual the authority to make important decisions on behalf of another person. Those decisions can be financial, medical, or even legal. Power of attorney A power of attorney may only be used when the person granting the document is unable to make decisions, such as when the person is incapacitated. On the other hand, an executor is a person who is appointed by a court to manage the estate of someone who has died. An executor is responsible for filing tax returns, locating and preserving assets, and settling claims against the estate. In the case of a will, an executor must act in accordance with t...