The truth about Power of Attorney

A Power of Attorney is fast becoming one of the most important legal documents you can write. That’s because without one, your loved ones do not have a say in your treatment if you are ever hospitalised nor can they access your bank accounts or manage your finances should you become incapacitated for whatever reason.

Your savings can be used towards care home fees.

It’s true - you have not legally named a relative, spouse or friend to handle your financial affairs when you are no longer able to make these decisions, and your savings could be used towards care home fees should you need to go into a care home. POA grants someone (or more than one) you trust to manage your money and deal with this in the best possible way to ensure that loved ones will still inherit some if not all of your savings when you die.

Even if you have a next of kin, you still need POA

Years ago your next of kin was considered the appropriate person to make a decision on your behalf, however, the problem is that your spouse/ brother/sister/children may disagree over your care or your finances if you need help. This is why banks and hospitals will only now only accept instructions from the legal Power of Attorney granted by you when you were fit and able to do so.

You can have more than one POA

It is possible to have two (or more) people acting as your Power of Attorney. In fact, ILAWS can arrange for them to have different powers.

You still need POA even if you have a Will

You do not need to have a Will in place before organising Power of Attorney, but according to ILAWS, both a POA and a Will are “essential legal documents” that every adult in Scotland should have. They protect you and your family in very different ways.