AgentYour agent is the person you name in your power of attorney document. This person will have the power to manage financial or healthcare matters on your behalf. Sometimes a power of attorney document will refer to an attorney-in-fact instead of an agent. These are two different terms for the same position. Personal RepresentativeA personal representative is the person you name in your will to manage your estate after you die. The personal representative performs several tasks on behalf of your estate, including talking with your heirs, determining the value of your estate, and distributing your estate's assets. A personal representative might also be referred to as an executor. The terms personal representative and executor are interchangeable. The Dividing LineThe difference between an agent and a personal representative is when an agent and a personal representative can act. Agents have the power to manage financial or healthcare matters when you are alive but are incapacitated or unable to make decisions about your finances or healthcare. Personal representatives act only after your death. Stated differently, death is the dividing line delineating when agents and personal representatives act. Whatever authority and power your agent has ends with your death. Meanwhile, your personal representative has the power to act only after your death.
Comments are closed.
|
Ruth A. HarperI'm a Pacific Northwest attorney, and my focus is on estate planning and elder law. My interest in these fields grew out of my experience with aging relatives and family members with special needs. Categories
All
Archives
March 2023
This website provides information to the general public about law topics, is for informational purposes only, and is not intended as legal advice or as a substitute for the advice of your own attorney. Any person viewing or receiving information from this website should not act or refrain from acting on the basis of any such information without first seeking appropriate legal advice from an attorney.
|