Family Law Attorney Warwick, Rhode Island
Posted by Joseph Franks on March 10th, 2020
It may be to your benefit to have multiple powers of attorney (and wills)?
Under a power of attorney instrument, an adult authorizes another person (or institution – e.g., a professional trust company or the Public Guardian and Trustee of BC) to make decisions or do certain things on behalf of the adult in relation to the adult’s financial affairs. The authority of a power of attorney instrument ends on the death of the adult.
Under a will, the will-maker authorizes another person (or institution) to be the executor of their estate, to gather in the will-maker’s assets, pay the will-maker’s debts, and distribute the will-maker’s estate in accordance with the directions set out by the will-maker in the will. A will does not take effect until the death of the will-maker. Family Law Attorney Warwick, RI will help you get the better of will and power of attorney.
Depending on the nature of your assets, it may not make sense for the same person to be in charge of your personal interests and your industry-specific interests. For example, you may want to appoint your spouse or another family member as your attorney or as the executor of your will, but that person may not be well-suited to manage some of your assets in a specific industry.
Separate appointments may be done by way of separate documents (e.g., one power of attorney that appoints one person and is limited to the management of your business or your IP assets, and another that appoints another person and applies to the balance of your affairs) or by including a provision within your document that a particular person is appointed to manage the administration of a particular asset.
If you have unique assets, consider having a separate document or provision to name a trusted colleague in that particular industry (or with particular expertise) to manage those assets for you or your estate.
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About the AuthorJoseph Franks
Joined: September 16th, 2019
Articles Posted: 102
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