Based in Dunfermline maloco mowat parker, understand the importance of planning for the future. One crucial aspect of this planning is drawing up a Power of Attorney.
A Power of Attorney is a legal document appointing someone you trust to take over the management if you’re unable to make decisions yourself due to physical illness or dementia. It should be seen as a safeguard for the future. It won’t be used until it is required and so simply making one doesn’t mean you relinquish control of your affairs. Instead, it acts as a safety mechanism lying dormant until the time it is needed.
There are several types of Powers of Attorney. These are: –
- General Power of Attorney: This grants your attorney broad powers to handle your affairs, typically financial ones, and is usually used when you’re abroad or unable to act for some reason.
- Limited Power of Attorney: This gives your attorney authority over specific tasks, like selling a property on your behalf.
- Lasting Power of Attorney (LPA): This covers decisions about your financial affairs, or your health and care, and comes into effect if you lose mental capacity.
- Enduring Power of Attorney (EPA): This was replaced by LPAs in October 2007 but if you made and signed an EPA before then, it can still be used.
Can anyone make a Power of Attorney? No. If someone already has dementia they cannot make a valid Power of Attorney. Then it’s necessary to make an application to the court to manage their affairs, which is a far more expensive and time-consuming process. If you have an elderly relative whose faculties are beginning to fade, it’s a good idea to consider a Power of Attorney before it’s too late.