Losing a loved one is devastating. Nothing can ease that, but understanding the legal implications can relieve some of the practical stress . There are three important terms you will hear frequently after of a loved one’s death: probate, executor and power of attorney. Knowing the meaning of each is essential for managing a person’s affairs, both before and after death.
Power of Attorney
A power of attorney is a legal document allowing a person, called the ‘donor’, to appoint another person as ‘attorney’, to make decisions and act on their behalf. This becomes vital if the donor loses the ability to make decisions themselves or simply prefers someone else to act for them. There are three main types:
An ordinary power of attorney covers financial decisions while the donor still has mental capacity. . A finance LPA allows the attorney to manage the donor’s finances and property if the donor loses mental capacity. . A health and welfare LPA empowers the attorney to make decisions about the donor’s healthcare, but not their finances.
Family members do not automatically have these rights; a formal document is needed. It is fairly straightforward to apply for an LPA online and it’s not hard to find companies, like https://powerofattorneyonline.co.uk/, who offer this service.
Executor
An executor is the person named in a will to manage the deceased’s estate, which includes their money, property and possessions. The duties may involve applying for probate, notifying relevant parties of the death, maintaining property, settling debts and distributing assets according to the will. If no executor is named, or the named person cannot act, an administrator is appointed to take on these responsibilities.
Probate
Probate is the legal process giving the executor the authority to manage and distribute the deceased’s estate. A grant of probate is frequently required, especially if the estate is of significant value or includes property. Probate ensures debts and taxes are paid before the remaining assets are shared out.
Understanding these terms can help you navigate the legal process and ensure your loved one’s wishes are respected.
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