Call Us Today: 604-468-8900
Schedule An Appointment With Us 604-468-8900
Garton & Harris
  • Home
  • About Us
    • Philip J. Dadson
    • Stuart F. Ross
    • Patrick Verrier
  • Wills and Estates
    • Estate Planning
    • Wills
    • Powers of Attorney
    • Representation Agreements, Living Wills
    • Trusts
    • Probate and Estate Administration
      • Probate With And Without A Will
    • Will Challenges
  • Business Transactions
    • Buying Or Selling A Business
    • Incorporation Or Setting Up A Business
  • Litigation
    • Business Disputes
    • Construction Disputes
  • Real Estate
    • Residential Purchase And Sale
    • Commercial Real Estate
    • Property Development
      • Subdivision
    • Foreclosures
  • Family Law
  • Blog
  • Contact
  • Menu Menu

The difference between a power of attorney and an executor

February 18, 2020/in Power of Attorney /by gartonandharris

Many people are aware that they need to name certain individuals to care for themselves and their property should they become incapacitated or pass away. What they may not quite understand is that these two scenarios actually require different types of planning and the naming of distinct types of caretakers. Knowing the difference between a power of attorney and and executor is critical for British Columbia families seeking to plan for the future.

Power of attorney gives an individual or individuals the right to act on a person’s behalf if that individual is unable to do so. People often will name one power of attorney for health and care, and another for finances. These jobs can both be done by the same person, or in some cases, co-powers of attorney are named as a check and balance for important decisions.

Importantly, a power of attorney is only able to act on someone’s behalf while the person granting the power is still alive; once the individual passes away, a will takes over and the named executor is given these responsibilities. This typically includes making funeral arrangements, deciding on burial or cremation, and dividing property. These decisions can be clarified in an individual’s will, or can be left to the executor for the final decision.

There are other reasons a power of attorney (POA) may be revoked besides death. This includes the person who named the POA entering bankruptcy or a court decision to have an administer handle affairs. Those who have questions or concerns about POA issues in their family should reach out to a British Columbia lawyer for answers and options.

https://gartonandharris.com/wp-content/uploads/2020/11/garton-and-harris-logo-full-02.png 0 0 gartonandharris https://gartonandharris.com/wp-content/uploads/2020/11/garton-and-harris-logo-full-02.png gartonandharris2020-02-18 00:00:002020-09-18 19:26:18The difference between a power of attorney and an executor

Tips for those who resolved to get their wills in order this year

February 5, 2020/in Wills /by gartonandharris

Getting finances in order is a common New Year’s resolution. For British Columbia individuals and families who have resolved to consider their affairs and plan for the future in 2020, wills and estate plans are an important consideration. While it can be hard to discuss death, incapacity or the potential that tragedy may strike the family, taking things step by step can help ease the challenges of this important task.

An important first step to getting affairs in order is to simply make an appointment with an estate planning lawyer. Meetings with one’s bank or financial advisor are also a good idea in this process. Speaking with professionals about options and processes can make things seem much less overwhelming at every stage in the planning process. It is also very important to have a legal advisor on hand to make sure the drafted will is legitimate.

The next step is typically information gathering. First, compile information about the beneficiaries who will be named in an estate. Next, list assets and the estimated value of each. This can include assets in bank accounts, insurance plans, collectible items and other personal property. It may also be a good idea to list digital assets, such as online accounts, and provide login information accordingly.

Planning for the future does not just mean writing wills for where property goes after one dies. Incapacity and powers of attorney should also be considered as part of this process. A British Columbia lawyer can help to clarify the documents needed to prepare and protect oneself for a variety of future potentialities.

https://gartonandharris.com/wp-content/uploads/2020/11/garton-and-harris-logo-full-02.png 0 0 gartonandharris https://gartonandharris.com/wp-content/uploads/2020/11/garton-and-harris-logo-full-02.png gartonandharris2020-02-05 00:00:002020-02-05 00:00:00Tips for those who resolved to get their wills in order this year

Categories

  • Blog
  • Civil Appeals
  • Civil Litigation
  • Class Action Litigation
  • Estate Administration & Probate
  • Federal Appeals
  • Power of Attorney
  • Uncategorized
  • Wills

Recent Posts

  • Are do-it-yourself wills worth the risk?
  • What can go wrong when buying a business in Canada?
  • How to “stress test” a will throughout one’s life
  • Are wills necessary if all assets have joint ownership?
  • How should individuals update their wills following a divorce?

Archives

  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014

Schedule An Appointment With Us

SEND US AN EMAIL

© 2020 by Garton & Harris. All rights reserved.
Disclaimer | Site Map | Privacy Policy

REVIEW OUR FIRM
Scroll to top