Why a Power of Attorney is Vital: Navigating Life's Uncertainties

Life is uncertain. Sometimes, no matter how well you plan, life just does not go the way you want. Even when you do not plan, sometimes things turn out well. On other occasions, it can be a disaster. You take out house insurance in case your house is burned down or burgled. If you drive, you must have motor insurance in case you have an accident, or your car is stolen. You can take out life insurance that pays out if you die. You can even take out insurance that pays out if you have a critical illness. But what happens if you cannot make those decisions, you currently make every day? This is where a Power of Attorney is vital. It helps you and your loved ones navigate life’s uncertainties.

What is a Power of Attorney?

A Power of Attorney is a document you can use to appoint someone you trust to make decisions for you if you are unable to make them yourself. When you appoint the attorney, you can decide if you wish them to look after your financial affairs or your welfare of both. Also, you can appoint more than one person to act as your attorneys.

Your Power of Attorney sets out the powers your attorney enjoys and all the things they are able to do for you. You can even grant a Power of Attorney and have it available even if you never suffer an illness or have an accident that prevents you from looking after your own affairs.

Once you have created your Power of Attorney, it is registered with the Office of the Public Guardian Scotland.

What happens if you do not have a Power of Attorney?

If you do not have a Power of Attorney and sustain an illness or have an accident that renders you incapable of looking after your own affairs, a guardian may have to be appointed to look after your affairs. Appointing a guardian is very time consuming and expensive. Also, you do not have the opportunity to decide who the guardian should be.

An application must be made to the courts to have a guardian appointed. There may also be competing appointments. Ultimately, the sheriff will decide who should be appointed as your guardian. In addition, a guardianship is for a fixed period of time. That means an application needs to be made to extend the appointment as the period of appointment approaches its expiry date.

There is no doubt that drawing up a Power of Attorney is quicker and cheaper than having a guardian appointed. It also allows you a say in who should look after your affairs if you can no longer do that.

Making a Power of Attorney is a straightforward process. Do not leave things to chance as you navigate life’s uncertainties. A Power of Attorney is a bit like an insurance policy to hedge against those uncertainties.

If you need any help or advice in relation to making a Power of Attorney or making changes to an existing Power of Attorney, please contact us.