What is the difference between Attorneys and Executors?
Legal terminology can sometimes be confusing, particularly in this case where the different roles of Attorney (for property & financial affairs) and Executor hold many similarities. Both involve attending to someone else’s financial affairs, but in different contexts.
- Appointed by Lasting Power of Attorney, Enduring Power of Attorney, or General/Ordinary Power of Attorney;
- Authority to act on behalf of someone else (the ‘Donor’) during their lifetime to manage all financial affairs including sale/purchase of property;
- Lasting Power of Attorney cannot be used until it has been registered at the Office of the Public Guardian;
- Power ceases upon death of Donor.
- Appointed by Will;
- Only comes into effect on death;
- Responsible for ensuring all assets in estate are accounted for and collected in, all liabilities are settled, and distributions are made in accordance with the Will.
It is important you trust the people you choose to be your Attorneys and/or Executors implicitly.
If you would like to discuss your particular requirements, please contact our Tax and Estate Planning team.