It can be confusing to know what the different terms mean when dealing with someone’s estates when they die and their well-being and financial decisions when they are alive.
Using a Kent accountants for probate services, can help people understand what needs to be done and what these terms mean.
If you want to know more about the relationship between the power of attorney and probate, then here is our guide on what to look out for.
What is power of attorney?
Power of attorney is when you appoint someone else to deal with your affairs and make key decisions when you are no longer to do so. This could be due to ill health or to old age.
Power of attorney is a legal document that gives the person the ability to take control and make the right decisions for you.
There are different types of power of attorney. However, there are two main similarities that you should keep in mind.
The first is that a power of attorney must be made before the person cannot understand what it means. Also, a power of attorney will end when the person dies (or at a specified time in the document).
How does it relate to probate?
Power of attorney and probate are very different things. It is often thought that when you have power of attorney, then you won’t need to apply for probate. But this is not the case.
A power of attorney is there to deal with things whilst you are alive, whilst the probate covers dealing with estates when you are no longer around. Once you die, any power of attorney you have set out will no longer apply, and instead, a probate will be needed.
Won’t it be the same person?
In the majority of cases, the person who is your power of attorney is also going to be your executor and have probate on your estates. This is because they are someone you can trust and know will be able to make the right decisions on your behalf.
There is no influence on probate decisions because you have been a power of attorney regarding the legal side of things. This means that it is essential to make sure that you are aware of the process and that the other person is also aware of what is needed.
It is always best to find out as much as you can about probate and power of attorney to be safe. That way, you can be sure that you don’t miss something important and give that special someone more stress to do with at an already difficult time.
If you need to know more about probate and what it means for you contact Kent tax advisors, to help you with your probate questions and guide you through what can be a tricky process too.