A Myth About Estate Planning*
After I die, my financial power of attorney can manage my assets until an Executor is appointed.
Once you die, your financial power of attorney is no longer valid. At that point, your Executor (if you have a Will) or your Administrator (if you do not have a Will) is the person who will be responsible for managing your estate. This may be the same person who was helping you to manage your finances during your lifetime, but there will be a gap in time between the date of your death and the date that your fiduciary is given the legal authority by the Probate Court to access your financial assets. To avoid that interim delay, many people choose to create a trust-based estate plan. Unlike a Will, the successor Trustee of your Trust does not need to be formally appointed by the Probate Court to be able to manage the assets in your Trust, and can instead step in immediately to begin the process of administering your Trust.
*Brought to you from Hassett & George Attorneys at Law