Powers of Attorney
We recommend that every adult should have a Power of Attorney, which is a document appointing someone to act on your behalf for specific purposes. It will save a great deal of time and expense for your family in the future should you become seriously ill.
If you lose mental capacity, whether through illness or old age, it will no longer be possible for you to execute a Power of Attorney (POA). In order for your affairs to be managed, it would be necessary to apply to the Court for the appointment of a Guardian. This is a complicated, costly and time consuming process.
There are different types of POA for different purposes. They can cover your financial affairs or welfare matters, or both.
(a) A Financial POA will cover operating your bank accounts, paying bills, dealing with investments on your behalf, selling and buying property, completing tax returns, dealing with your pensions and benefits and carrying out appropriate tax planning.
(b) A Welfare POA covers matters relating to your personal welfare such as decisions on appropriate care arrangements and giving consent to or withholding consent from medical treatment. A Welfare POA can only be used if you are not able to make these decisions yourself.
(c) A Combined POA covers financial and welfare matters in one document.
We will advise on the appropriate Power of Attorney for your circumstances, arrange its completion and registration with the appropriate authorities.
To assist us in advising you please request the appropriate questionnaire by completing our Contact Form
For more information on from the Law Society of Scotland on what Powers of Attorney means click here
Key Contact – Allan Nicolson
Allan is a member of STEP – the Society of Trust and Estate Practitioners