Given the magnitude of the responsibilities and the intimacy of the role, you may want to name a close friend or relative as executor, someone who fully understands and respects your wishes, as well as those of your beneficiaries, and who might handle your sentimental heirlooms and other property more sensitively than ...
The guardian can be authorized to make legal, financial, and health care decisions for the ward. Depending on the terms of the guardianship, the guardian may or may not have to seek court approval for various decisions.
Guardians have specific legal responsibilities and limitations, and their powers rarely include changing a will.
One person can serve as both your agent and the executor of your will. This is not uncommon, especially if you've chosen a child or other trusted relative for the roles. The two roles won't overlap. Power of attorney is only effective while you're alive and executors only assume responsibilities once you pass away.
The answer is always no. That is the job for the person you appoint as your agent under your power of attorney. Often times, your executor and your agent are the same person, but that person still must act in the proper capacity.
An executor can also be someone you've named as a beneficiary in your will. The role of an executor is a serious one which carries a lot of responsibility. When choosing your executor or executors you need to bear this in mind. It should be someone you trust to carry out this work.
Appointing a trusted relative or close friend as both executor and legal guardian can offer benefits, assuming the person is capable and state laws allow it. However, it's important to consider potential unintended consequences.
Since it's established by the court, a guardianship may supersede the authority granted by a power of attorney. However, this typically happens if the court determines the principal can't make informed decisions themselves or if the agent is misusing power of attorney to serve personal interests.
The death of a ward signifies the end of guardianship, and the guardian must officially notify the court about the deceased ward by submitting the ward's death certificate.
Guardianship: Often necessary when someone is severely incapacitated and cannot make even basic decisions for themselves. Power of Attorney: Suitable when someone wants to plan ahead and designate someone to manage their affairs if they become incapacitated, but still retain control while they have capacity.
While executors have discretion in some areas, your core decision-making is bounded by: The deceased's will. You must follow their distribution wishes rather than diverging based on your own judgments.
Lawyers can charge a wide range of fees, but it's pretty common for the cost to be anywhere between $100 - $500.
People usually designate one person to serve as the executor of their will, but it is also possible to designate two or more co-executors. Most lawyers advise that one executor is best, as it avoids potential disputes, but there are situations where it may make sense to appoint co-executors.
In general, the court may grant the guardian the power to make medical decisions, determine living arrangements, social settings, manage property, and handle financial affairs such as banking, investments, and expenses, including household and long-term care costs and taxes.
The nominated guardian will only take on their role after your death, and the appointment is subject to confirmation by a court. The court's primary concern is always the child's best interests, and it has the authority to override the will if the appointed guardian is deemed unsuitable.
When a close friend or family member passes away, you may be surprised to learn that you have been named to serve as executor, trustee or guardian. Sometimes you can be named to fulfill two of those roles or even all three, which carry immense responsibilities.
The appointment of an executor typically occurs in one of two ways: through nomination in the deceased's will or through an application to the Master of the High Court in the absence of a will or a named executor.
The positions of power of attorney and executor are distinct legal roles. An executor administers a person's will after their death. A power of attorney may be granted authority to make decisions on behalf of another person in the event they are incapacitated and unable to act during their lifetime.
Executors are bound to the terms of the will, which means they are not permitted to change beneficiaries. The beneficiaries who were named by the decedent will remain beneficiaries so long as the portions of the will in which they appear are not invalidated through a successful will contest.
The executor of a will can take everything only if they are the sole beneficiary of a decedent's estate and all of the decedent's debts have been paid.
While beneficiaries can often disagree with an executor's decisions, unless the executor clearly violates the terms of the will or breaches their fiduciary duty, there is typically nothing a beneficiary can do about it.