Arizona Affidavit by an Attorney-in-Fact in the Capacity of an Executor of an Estate
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How to fill out Affidavit By An Attorney-in-Fact In The Capacity Of An Executor Of An Estate?
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FAQ
Yes, the executor of the estate also can be a beneficiary of the will, and often is. Many people will select one of their grown children to be their executor.
In Arizona, a personal representative (known in many states as an executor) is the person or entity appointed by the Court to administer the estate and assets of someone who has died (a decedent).
For most people, the best option is to have a general durable power of attorney because it gives your agent broad powers that will remain in effect if you lose the ability to handle your own finances. An attorney can customize a general POA to limit powers even more?or add powers, Berkley says.
Because of conflict of interest scenarios that could arise,asking the same attorney to draft your will and serve as your executor is not a good idea. Similarly,asking your attorney to draft a trust agreement and serve as your trustee is not a good idea.
If you have a trust and funded it with most of your assets during your lifetime, your successor Trustee will have comparatively more power than your Executor. ?Attorney-in-Fact,? ?Executor? and ?Trustee? are designations for distinct roles in the estate planning process, each with specific powers and limitations.
In the state of Arizona, probate is only required if the decedent has any assets that did not transfer automatically upon their death. These assets tend to be titled individually in the decedent's name and will require a probate court to transfer the title of ownership to the intended beneficiary.
The roles of attorney and executor consist of specific and separate responsibilities. The attorney is bound to act in your best interests as the donor; the executor in the best interests of your beneficiaries. Both are in a position of trust and often they can be the same people, which keeps things straightforward.