In Arkansas, an executor is responsible for carrying out the wishes of a person who has passed away according to the terms of their will. An executor is also known as a personal representative or administrator and is named in the will. The executor can be an individual or multiple people appointed to oversee the administration of the estate and ensure that assets are distributed according to the deceased’s wishes.
A power of attorney, on the other hand, is a legal document granting someone else (known as an agent) authority over one’s financial decisions while they are still alive. In Arkansas, powers of attorney may be limited or general and allow agents to manage finances and property while they are alive.
Executor v. Power of Attorney
Executors are responsible for carrying out the wishes of a person who has passed away according to their will. Powers of attorney grant authority over one’s financial decisions while they are still alive. It is important to understand the distinction between executors and powers of attorney in order to ensure that one’s finances and assets are handled correctly during life or after death.
When do I need a Power of Attorney?
It’s important to consider a power of attorney if you are worried that you may become mentally or physically unable to manage your own affairs. This document will allow someone else (an agent) to manage your finances and property according to your wishes. This can grant general powers or limited powers. It can also be effective immediately or be a springing power of attorney and become effective later.
What types of Power of Attorneys are there?
Durable Power of Attorney
This document lets someone assist with the property while the principal is alive. This can be when the principal has the capacity or when the principal has lost capacity. The document typically gives the agent power over the financial matters of the principal.
Medical Power of Attorney
The power of attorney is for healthcare decisions. It is also sometimes called a healthcare power of attorney. You can also get a living will or advanced healthcare directive, these let people know whether you want life-sustaining treatments. You should make sure you have these in place so medical decisions that are made follow your own decisions.
For more information about Arkansas Powers of Attorney read our Arkansas Power of Attorney Guide: Find Out How it Works!
When do I need an Executor?
If you want to ensure that your assets are distributed according to your wishes after death, it is essential to name an executor in your will. An executor can help carry out the instructions outlined in the will and ensure that things are handled appropriately upon passing.
Executors are Appointed by a Probate Court
Many people think executors are appointed in a person’s last will and testament. Technically, they are nominated in the last will and testament and not officially appointed until an Arkansas Court appoints him or her as Executor.
It is an executor’s job to manage the probate process and protect the financial affairs of the estate and make sure the estate plan of the decedent is carried out.
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In conclusion, executors and powers of attorney have different roles in Arkansas. It is important to understand the difference between these two documents in order to guarantee that one’s finances and assets are handled correctly during life or after death.
These are important decisions.
There can be many reasons to give someone legal authority to be the executor of your estate or be responsible for taking care of your best interests while you are alive. There are different documents to consider to protect your estate, it can be a loved one you appoint or a professional.
If you need help understanding executors and powers of attorney in Arkansas, please contact an experienced estate planning attorney.
Contact us if you have any questions about your legal issue and need to hire an attorney.