Can you be executor and power of attorney

General practice is to appoint an executor who lives in the same province, city or town as you. This makes it much easier to deal with your beneficiaries and your assets. It is your estate and if you have your heart set on having two executors such as both of your children , you can do so. Making immediate arrangements, distributing the estate, filing tax returns, working with lawyers and accountants as required, and gathering, protecting, evaluating and selling assets are some of the extensive and varied responsibilities of an executor.

This is not a place for a procrastinator. If being an executor is so challenging, should you name two? Typically, having one is thought to be easier — less time, less paperwork.

However, it is your estate and if you have your heart set on having two executors such as both of your children , you can do so. Choosing an executor who is younger than you, and in good health, helps ensure your executor will be around to act on behalf of your estate. Both jobs are a tremendous responsibility. POAs can take many forms. POAs can also get taken advantage of.

Remember that accountants and lawyers are not financial advisors. Be sure to ask a financial advisor for advice with respect to protecting financial assets. Share on facebook.

Share on twitter. Share on linkedin. Share on email. Share on print. Related Articles. July 15, Jeffrey Marshall. July 24, Jeffrey Marshall. Aretha Franklin the Legend…. Read More Articles. Contact us for an Initial Consultation. Call or. Schedule an Initial Consultation. Williamsport, PA. Get Directions. In other words, the principal can grant an agent blanket authority to manage financial or legal affairs, or the agent can receive very limited powers.

An executor usually receives all the power and authority needed to navigate the will through the probate process, including the power to make decisions if the will or the law is ambiguous on any issues that arise during probate.

Attorneys-in-fact and executors also differ in how their authority can be revoked. Because powers of attorney only apply while the principal is alive, the principal can revoke the agent's authority at any time for any reason. If the principal becomes incapacitated and cannot remove the attorney-in-fact, the third parties affected by the attorney-in-fact's decisions such as the principal's family members can petition a court to remove the attorney-in-fact.

But they need to prove that the attorney-in-fact made decisions that were not in the best interest of the principal or has acted contrary to the principal's intentions in granting the power of attorney.

Removing an executor from a will also requires an action in court. The beneficiaries of the will need to prove to a judge that the executor has taken actions that are not in the best interest of the estate or has otherwise not complied with the terms of the will. Because an attorney-in-fact does not automatically become the principal's executor upon the principal's death, financial issues often arise while the executor waits for their formal appointment in the probate process.

During this time, the deceased principal probably has bills that require payment, and family members spend money on funeral expenses that the estate will eventually reimburse. To get around the financial problems caused by this period of time during which there's neither an attorney-in-fact nor an executor with the power to act on the principal's behalf, families often set up joint bank accounts or trusts prior to the principal's death to provide a source of needed funds.

If you need to appoint a power of attorney or choose an executor, learn more about the differences between these two responsibilities before determining the appropriate next steps.

Understand that it is possible for an attorney-in-fact to transition to an executor under certain circumstances.