Estate administration is a useful process when trying to decide how you will leave your assets and possessions after you pass. Your assets and possessions may become important to you since you have worked to achieve them. This may lead you to pass these assets on to your loved ones. Your loved ones can feel comforted knowing that you wanted to give them a piece of you before you left. By gaining a part of your estate, they are known as beneficiaries. This can include a various amount of individuals, whether they are friends or family members.
Planning for your estate administration may cause you to claim a power of attorney. This role should be given to someone you trust and that will carry out your demands. The power of attorney has a lot of control since they take on the role of an agent for that individual. They will act according to the wishes that were laid out for them by the individual who is giving them this role. As a power of attorney, you have been trusted with a powerful role. Through a legal document, it establishes that you have the authority to act for another person. People may wish to choose a friend, family member or even a business entity as their power of attorney. A power of attorney can have control over various areas, such as the estate or the person’s medical decisions when they are incapable of making decisions for themselves. The amount of power can vary depending on each case. When the individual names a power of attorney, they have the opportunity to give them as much control as they want. They may only allow them control of their finances or they can give them control over every decision.
What is an executor in charge of?
A power of attorney is different from an executor. The executor is the representative that has the legal responsibility to take care of the deceased person’s remaining financial obligations. They may be named in the will specifically or appointed by the court. Some of their responsibilities include providing accounting to the court, paying outstanding debts and taxes and collecting, protecting and distributing assets according to the will’s specification. This is a serious task to take on due to the required obligations. These individuals should take their positions very seriously since they have to make major decisions in regards to another individual’s life.
Matters related to bankruptcy and estate planning are very significant in one’s life and require the services of an experienced attorney. Our firm proudly serves clients throughout Rockland County and New York State. If you need effective legal guidance, contact Koplen Law today to schedule a consultation.