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The Difference between a Will and a Power of Attorney

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The Difference between a Will and a Power of Attorney

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  1. The Difference between a Will and a Power of Attorney Russ Weninger Calgary Legal Wills

  2. Frequently Asked Question: What’s the difference between a will and a power of attorney?

  3. What is a Will? A will distributes your assets to others after you have died. A power of attorney, on the other hand, appoints a representative to manage your assets and finances while you are still alive.

  4. What is a Power of Attorney? The representative appointed under a power of attorney has a fiduciary duty to the person who has appointed him or her. A fiduciary duty means that the representative (the attorney) must act in utmost good faith and exercise his or her powers in the best interests of the person who appointed the representative.

  5. The attorney is not entitled to get rich off of the assets of the donor (the person who appointed the attorney).

  6. In fact, in most cases, the attorney has to keep detailed records of any money spent on the donor’s behalf, and may later be called upon to justify any expenses incurred.

  7. Contact Russ Weninger for Calgary legal wills guidance. www.calgarylegalwills.com

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