Ilaws Scotland
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Balfour & Mason
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Balfour & Manson
We are here to make a difference. At Balfour+Manson, we pride ourselves on easing the burden for our clients.
Since our inception in 1888, we have combined the best of traditional values while continually refining our modern, progressive approach.
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Having an up to date Power of Attorney (POA) is important, regardless of your situation. Roddy Harrison, partner at Wright, Johnston & Mackenzie LLP, provides a breakdown on POA; who should have one, when to organise it, and why it’s vital to have such a document in place.
Who should have a POA?
Everyone should have a POA in place, as you don’t know when you’re going to need it. There are two parts to a POA; continuing power, which gives an Attorney the power to manage someone else’s financial affairs, and welfare power, which gives an Attorney the power to make decisions regarding someone’s medical treatment and care, should they become incapacitated. Unfortunately the reality of life is that anything can happen to us at any time. No matter your age or current situation, having a POA in place will protect the interests of you and your loved ones, and ensure your affairs are looked after by someone you trust.
When should you put a POA in place?
Do it sooner rather than later. You can always make changes to a POA or update it as time passes, but having one in place will make life easier for your loved ones should it ever be needed. A POA must be signed by the granter in front of a solicitor or doctor who must also sign a certificate confirming that the granter understood what they were signing. The Attorneys also have to agree to act.
If a person doesn’t have a POA in place and something happens to them so that they are no longer able to make decisions regarding their financial and medical affairs, their loved ones will have to apply to the Scottish Courts for a guardian to be appointed. While the Guardian will have broadly the same powers as an Attorney, the application tends to be a lengthy process which can be extremely stressful for families who are often going through a very difficult time.
Why should you have a POA?
Having a POA lets you plan what you want another person to do for you in the future should you become incapable of making decisions about your own affairs. Your loved ones can look after your affairs as if they were you, with your best interests at heart. It means a partner or relative can still access money which may be essential to support the household or other members of the family, or funds which may be allocated to pay for care home fees.
The outbreak of COVID-19 is a reminder of how quickly circumstances can change. That’s why it’s so important to ensure you have a plan in place which protects your best interests.
Wright, Johnston & Mackenzie LLP advise on a range of private client matters – including wills, Power of Attorney and end of life planning. For more information visit www.wjm.co.uk or call 0141 248 3434.
