Will & Power of Attorney: Not just for later life
It is a common misconception that you only need a Will or Power of Attorney when you are old. While none of us like to think about it, any one of us could die or become mentally incapacitated at any time or age, even if we have no previous underlying health issues.
In today’s society where the “traditional” family is no longer the norm, a well-written Will and Power of Attorney are vital to ensure your affairs are handled as you would wish should you become temporarily or permanently incapable of doing so yourself.
What is a Power of Attorney and why should I have one?
Most of us, quite rightly, want to deal with our own welfare, financial and property affairs for as long as possible. But what happens if we lose the capacity or inclination to do so? Unless these issues have been addressed while we still have capacity, our families and loved ones may find themselves having to go through complicated, time-consuming and expensive court procedures to be appointed as your Guardian.
A Power of Attorney is a legal document that gives the person or persons you appoint the authority to make decisions or to act on your behalf when you can no longer do so yourself.
There are three types of Power of Attorney:
Continuing: Allows the Attorney power over Property and Money.
Welfare: Gives the Attorney power over Health and Welfare.
Combined: Allows the Attorney power over Health, Welfare, Property and Money. This is the most common type of Power of Attorney.
A Power of Attorney is helpful should you have an accident or illness that leaves you temporarily incapable or unable to sign documents, for example selling a property while you are out of the country.
Many believe having a Power of Attorney means you lose control of your finances and other decisions immediately. This is not true. Your appointed Attorney/Attorneys do not necessarily have immediate control of your affairs once the Power of Attorney is registered. You can choose to activate it as soon as it is registered, when you decide it should be activated, or when it is deemed by a medical professional you have become incapable of making your own decisions.
If you become incapable of making your own decisions your Attorney must demonstrate they are making decisions in your best interest. You can appoint more than one Attorney and Attorneys can be removed if needed.
With increases in illnesses such as dementia and Alzheimer’s, having a Power of Attorney registered before you need it can be vital. Granting Power of Attorney to someone reliable that you trust while you are capable means everything is already in place should you develop an illness that affects your ability to understand who to trust or how to handle decisions about your money or welfare.
What is a Will and why do I need one?
A Will is a legal document that expresses how you wish your Estate (property, money and possessions) to be distributed after you pass away.
Without a Will, estates are distributed according to Scottish intestacy laws, rather than as you intended. This can be both financially and emotionally detrimental to those you leave behind as your possessions, property and money may not be shared between the family or friends you wish it to benefit, and more tax may be due on your estate. For couples who live together but are not married or are not in a registered civil partnership, if one dies there is no automatic right for the other to inherit your Estate.
If you have a Will, it is important that as you progress through life, changes to your personal circumstances are reflected in your Will. Cohabitation, divorce, remarriage and adoption are common factors in modern society which have the potential to impact on the distribution of an estate and therefore should be reflected in your Will.
Deans are here to help
Our team of experienced Solicitors are here to offer friendly help and advice on your personal situation.
If you need help drafting a new Will or Power of Attorney, or to review or amend a current version, please get in touch by calling 0131 667 1900 or emailing mail@deansproperties.co.uk.