Power of Attorney
A Power of Attorney gives a trusted person the ability to make decisions on your behalf and is a vital part of planning for the future. This person can be given appropriate powers to manage your care and medical treatment as well as your financial affairs as and when required.
In Scotland, no one has legal authority to act on your behalf if you lose capacity (not even your spouse or children) unless you grant a Power of Attorney giving them powers in relation to your finances and personal welfare.
Banks, pension providers and medical professionals are becoming increasingly aware of this and will not take instructions from family members or close friends unless they have evidence of that person’s legal authority to act.
What exactly is a Power of Attorney?
A Power of Attorney is a written document giving someone whom you trust legal authority to act on your behalf. That person (or persons – it is preferable to include more than one) is known as your attorney. You can grant your attorney financial powers only, welfare powers only or a combination of both.
For more information or advice please get in touch.
A power of attorney could be all it takes to give you (and your business partners) peace of mind that your business could continue running smoothly should something happen to you.