3 reasons why Power of Attorney is so important

A Power of Attorney (POA) allows you to decide who can make financial or medical decisions on your behalf if you become incapacitated and unable to do so for yourself. Along with a Will, a POA is an important legal document and it is better to organise it sooner rather later. Here’s why.

1 IT COULD SAVE YOUR LIFE

A next of kin is no longer enough. Without a POA, medical staff may withhold or delay treatment deemed too risky. It can take six to nine months for a POA to go through the courts. In a medical emergency, you may not have the time to spare. But, should the worst happen, your elected POA will be able to act in your best interests immediately – which could save your life.

2 IT CAN HELP PROTECT YOUR SAVINGS

Your POA is the only one who’ll be able to control or manage your assets and savings while you’re incapacitated. They will be able to make decisions on your behalf to help keep your finances safe – should you end up in care, this could prove vital when it comes to paying fees.

3 POA GIVES YOU MORE CONTROL OVER YOUR FUTURE

With a POA, you’ll have peace of mind that your wishes will be followed. “A Power of Attorney can only act with your authority or if you’re unable to do it yourself, so they can never overrule you. It’s not giving away power, it’s putting in place protection,” says Tony Marchi, Principal at ILAWS Scotland.