Power of Attorney & Incapacity

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At maloco mowat parker, we understand the importance of planning for the future. One crucial aspect of this planning is establishing a power of attorney  

Power of Attorney: Safeguarding Your Future with maloco mowat parker

What is Power of Attorney?

A Power of Attorney is a legal document that appoints someone you trust to take over the management of your affairs at a time when you are unable to make decisions yourself. This could involve decisions about your financial affairs or about your personal welfare. Powers of Attorney require to be registered with the Office of the Public Guardian.

Any one of us could lose our mental faculties, whether by injury or disease. Almost all of us will know someone who has been affected by dementia and know of the issues that then arose for their family and loved ones. If there isn’t a power of attorney in place when someone loses their mental faculties life can suddenly become extremely challenging for the family seeking to care for their loved on which is why everyone should consider granting a power of attorney to a trusted family member while they still can.

Why Establish a Power of Attorney?

There are several key benefits to having a power of attorney:

  1. Future-Proofing: A POA provides the reassurance that someone you trust will look after your affairs if you’re unable to.
  2. Avoiding Court Appointments: Without a POA, a court may decide who looks after your affairs. This process can be time-consuming and costly.
  3. Flexibility: You can tailor your POA to suit your individual circumstances, specifying the powers you want to grant.

What happens if a person is no longer able to understand?

Once a person is no longer able to understand and sign a power of attorney, then it is 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.

A Power of Attorney should be seen as a safeguard for the future. It will not be used until it is required, lying dormant until the time it is needed. It is possible to state that the document should not be activated until a doctor certifies that your ability to make decisions for yourself has been lost.

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

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FAQs

What is a Power of Attorney?
A legal document is signed by you at the present time, designating a trusted individual to make choices on your behalf in case you become incapable of making such decisions for yourself in the future.
Why should I make a Power of Attorney?
A Will guarantees the allocation of your assets based on your desires upon your demise, while a Power of Attorney safeguards your wealth during your lifetime. Having a Power of Attorney is equally vital as having a Will – it’s essential for everyone to possess one.
Is there a limit to how many people I have as my Attorney?
No, there is no limit to the number of individuals you can appoint as your attorney, provided they are at least 16 years of age. However, you need to specify if they should collaborate or act independently when making choices for you.
When does a Power of Attorney start?
You can grant your attorney(s) the power to manage your financial affairs immediately upon registering the document, or you can withhold this authority until you’re mentally incapable of making your own choices. The ability to make welfare decisions can only be exercised when you’re unable to decide on your own well-being.
Can I amend or cancel my POA?
Yes, for as long as you are able to make decisions, you can amend your POA at any time. As long as you have mental capacity you can also cancel your POA at any given time.
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  • maloco + associates Ltd are registered in Scotland no: 477261
  • Registered Scottish letting agent: LARN1808001
  • Registered office 6 - 8 Bonnar Street, Dunfermline, Fife KY12 7JR

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