Why You Need A Power Of Attorney In Scotland

By Author: J Nisbet
Total Articles: 1
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A Power of Attorney is a legal document that grants another person the authority to act on your behalf.

This legal document allows you to appoint someone you trust to look after your finances or personal welfare if you become unable to do so yourself. You can also create a combined Power of Attorney that grants the person or persons the authority to act on your behalf about both financial and personal welfare matters.

If you grant more than one person authority over your affairs it is best to allow them to act separately. If every action requires authority from both this can make it difficult to act quickly.

You are young, fit, and healthy so why would you need a Power of Attorney now? There are several reasons for this.

Firstly, and probably the most important. Granting a Power of Attorney when you are young means you have the capability to choose someone that you trust. Otherwise, if you are incapable at a later date, the Court will appoint an appropriate person.

Granting a Power of Attorney now ...
... is relatively quick and cheap compared with the alternative. A Scottish Power of Attorney is around £300. If you have not granted a Power of Attorney, but one is required, the only alternative is a time-consuming and costly application to the courts for a guardianship or intervention order.

When we are young and healthy, we believe all will be well and ill-health problems will only occur when we are old. However, nobody knows what will happen in the future. Unfortunately, accidents do happen and horrible illnesses like cancer can strike at any age. Having a Power of Attorney in place ensures that you will be taken care of by the person you choose.

People often believe their next of kin will be able to handle everything but this is not always true. For instance, if they need some of your savings to help pay for your care, they won't be able to access your bank accounts without a Power of Attorney.

We don't want to scare you in any way, but we do believe having this legal document in place can save you so many problems in the long run. It also helps your loved ones at what is likely to be a very stressful time.

Please contact your local, recommended private client solicitor to learn more.

Principal solicitor at Fergusson Law in Edinburgh