Planning for the Future: Understanding the Importance and Types of Power of Attorney with maloco mowat parker in Dunfermline

Planning for the Future: Understanding the Importance and Types of Power of Attorney with maloco mowat parker in Dunfermline

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: –

  1. 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.
  2. Limited Power of Attorney: This gives your attorney authority over specific tasks, like selling a property on your behalf.
  3. 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.
  4. 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.

There is a fee for drawing up a Power of Attorney. See here for guidance as to our pricing policy.

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