Why is having a power of attorney important?

Life can be unpredictable and while no one wants to think about worst-case scenarios, it is important to plan for your future and what may happen if you are no longer able to make decisions for yourself. This can occur for many reasons, such as through illness, injury or other unexpected events.

A power of attorney provides a safety net for unforeseen circumstances by ensuring that there is someone who can step in and make appropriate decisions on your behalf. This can be especially important when it comes to healthcare, as your attorney can make decisions about medical treatment and end-of-life care if you are unable to do so yourself.

How does a power of attorney work?

A power of attorney is a legal document that grants an individual the authority to act on behalf of another person. This could be making financial decisions, healthcare decisions and decisions on living arrangements. It also ensures that there is continuity in a person’s financial and legal matters.

If someone is unable to make important decisions for themselves, their finances may be left in limbo and this can cause stress and uncertainty for family members and loved ones. However, if there is a power of attorney in place, the designated individual(s) can take over these responsibilities and ensure that bills are paid, investments are managed, and legal matters are handled appropriately. This can help to prevent financial hardship and legal complications that could arise if these issues were left by the wayside.

Types of powers of attorney

There are different types of power of attorney in Scotland. A continuing power of attorney deals with matters relating to your financial/property affairs and may be given with the intention of taking effect immediately and continuing on you becoming incapable. Alternatively you can decide if you only want these powers to begin if you become incapable.

A welfare power of attorney allows an individual you have appointed to make welfare decisions for you, and these powers cannot be exercised until such time as you have lost the capacity to make these decisions. That may never happen during your lifetime, however it acts as a safeguard. This is particularly important for individuals who are subsequently diagnosed with conditions such as dementia and Alzheimer’s disease. This enables the nominated person(s) to act in the interests of the adult to ensure they are protected.

Often clients will opt to have a combination of both continuing and welfare powers within their power of attorney, which often provides all-encompassing powers to cover most eventualities.

Setting up a power of attorney

A power of attorney is an important legal tool to make sure that your interests are safeguarded by a trusted individual when it comes to your healthcare and your finances.

It is always best to get expert legal advice when you are considering important legal protections. Consulting a solicitor will help inform your decision in respect of making a power of attorney and give you peace of mind about the future.

The team at McSherry Halliday have a wealth of experience in wills and powers of attorney and can help you put the most appropriate legal protections in place to safeguard your future.