QUESTION
Do those two assignments cover all the necessary bases for me to handle her financial affairs in life and her estate after death?
Asked on May 02nd, 2017 on Estate Planning - Oregon
More details to this question:
My never-married 85 year old aunt has made me her power of attorney. She has also named me her attorney-in-fact in her will.
3 ANSWERS
A power of attorney only gives you the power to handle her affairs while she is alive and incapacitated. If you are the personal representative, or "executor", of her will, then you handle her estate after she dies.
Answered on Jul 27th, 2017 at 6:14 PM
This totally depends on her situation financially and legally. A POA and a Will is a good start; however, there are many situations where they are not enough. Not the least of which is the hassle and cost of a probate. A Will speaks only through probate. If you have a Will, it means you plan to have a probate proceeding. The next step up is a living trust that solves many of these problems.
Answered on Jul 27th, 2017 at 6:14 PM
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Maybe. It worries me that you use the term "attorney in fact" with regard to a will. Is this a do-it-yourself or internet will? In Oregon, the executor of the will is called the "personal representative." It makes me wonder what else might be wrong with the will. With the POA, it will work best if your aunt visits her bank with you, to introduce you. Banks and brokerages don't legally have to accept POA, and they are very suspicious. Please be advised that, as POA, you can only do those things your aunt would do if she were able, and only things that are solely for her benefit.
Answered on Jul 27th, 2017 at 6:14 PM