A Power of Attorney is a way of giving someone else permission to make decisions about your money and property, as well as your health and personal welfare, if you are not able to make those decisions yourself. Although common with older people, a Power of Attorney is not only for the elderly or frail. Unfortunately accidents can happen to anyone, regardless of age.
If you were to suddenly fall and hit your head whilst out jogging, get seriously injured whilst skiing, or be involved in a road traffic accident, you may find that you are unable to make decisions for yourself, even if just for a short period of time.
If this was the case, nobody, not even your spouse or your next of kin has automatic rights to deal with your affairs should you be unable to do so yourself. This could mean that your partner cannot access your bank account to pay the mortgage, could not speak to utilities providers regarding bills if they are not in joint names, or make important decisions with your medical team.
There are two different types of Power of Attorney:
- a Continuing Power of Attorney includes decisions about your money and property, whereas
- a Welfare Power of Attorney relates to your future health or personal welfare.
Different attorneys (the named person you would like to help make decisions and take actions on your behalf) can be appointed for each type of Power of Attorney.
As no one has the right to act on your behalf without your legal authority, if you were suddenly no longer able to make decisions yourself, it would be a timely and costly process for your family or friends to get permission to do so. A health emergency, such as an accident or stroke, could happen to anyone, regardless of age, which is why it is always so important to plan ahead and think about the ‘what if’s’. Having a Power of Attorney in place with help you, and your family, in the future should a major health emergency occur and your health deteriorates suddenly, making a stressful situation easier to deal with.
Remember that throughout February, 10% of all fees raised from Wills & Powers of Attorney will go to CHAS (Children’s Hospices Across Scotland), a charity close to our hearts.