If you’re exploring the best methods to manage your affairs, should you lose capacity, or planning for the future, you might be wondering if there’s a difference between an attorney and an executor. The answer is yes – both serve important functions, and both are important when thinking ahead.
What is an attorney?
A lasting power of attorney, or LPA, allows you to appoint an individual or individuals to manage your affairs while you’re still alive. If you were to become ill and lose capacity, your attorney will be able to make big decisions on your behalf.
These can include financial decisions, for example, managing your money, paying your bills for you or handling property affairs. Another area where your attorney can give you support is managing decisions surrounding your health and wellbeing, such as making treatment decisions for you or considering options for your long-term care.
Who can be an attorney?
You can choose anyone you like to act as your attorney, and you can even pick multiple individuals to manage your affairs on your behalf. For example, your sister might manage your finances, and your cousin might make decisions around your health and wellbeing.
Most people choose a trusted family member, friend or solicitor to act as their attorney. Nowadays, you can even set up your power of attorney online with specialist providers such as /powerofattorneyonline.co.uk/.
What is an executor?
An executor is someone named in your will who will manage your estate after you pass away. They’ll have the responsibility of paying debts, ensuring your assets are distributed according to your will, dealing with property and applying for probate if needed. Although your executor enacts your will and manages your estate after you die, they don’t have the authority to manage your finances while you’re still alive.
Who can be an executor?
Most people choose trusted friends or family members, or a solicitor. You can choose the same individual who also acts as your power of attorney if you’d like to, or somebody different.
