Does a power of attorney survive the death of the principal?
Most individuals assume that a person with a power of attorney retains the authority to administer an estate after a loved one dies. That is not correct. The power of attorney does not survive the death of the principal. A power of attorney is a legal document that empowers one person to act on behalf of another person.
What is a power of attorney and how does it work?
A power of attorney is a legal document. This document permits the person that creates it to appoint a trustworthy individual to act on their behalf. The person that creates the document is the principal while the appointee is the power of attorney agent.
Can a POA also be an executor of an estate?
However, in some situations, the agent specified in the POA may also be named as executor or administrator of the estate. If you are also named as the executor or administrator, you will have control over the deceased’s bank accounts and other assets until ownership can be transferred to surviving individuals.
What is a durable power of attorney?
A durable power of attorney permits the agent to continue operating on the principal’s behalf. This is even if the principal becomes mentally incompetent and unable to communicate, but it only lasts until the principal dies. A conventional power of attorney, on the other hand, expires when the principal becomes mentally incapable or dies.
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