A power of Attorney is something often associated with the elderly and young people may ask - why would I need a power of attorney? However this important legal document is something everyone should consider putting in place. Accidents or illness can, unfortunately, occur at any age and granting Power of Attorney can ensure that someone you trust is able to manage your affairs and make important decisions about your health and well being if something was to happen to you in the future. In recent years we have seen a marked increase in younger clients putting a Power of Attorney in place for this very reason and hopefully this trend continues.
What is a Power of Attorney?
A Power of Attorney is a legal document which gives another person or persons the legal authority to act on your behalf and is intended to come into effect in the event that you become incapable of managing your own affairs. It is possible to give your Attorney powers in respect of your finances, your personal welfare, or a combination of both.
Who can grant a Power of Attorney?
In Scotland, anyone over the age of 16 can grant a Power of Attorney as long as they are mentally capable of expressing their wishes in this regard and understanding the implications of doing so.
How is Power of Attorney relevant to younger people?
In Scotland, nobody has the legal authority to make any decision for someone else, regardless of their relationship, once that person reaches the age of 16. If someone without a Power of Attorney becomes incapable of making decisions on their own behalf, for whatever reason, this can cause significant issues for those close to them.
As well as the obvious concerns regarding access to bank accounts and making medical decisions, younger people are likely to have more complex interests which might require to be managed. For example, you may be self-employed or have business interests. If you were to lose mental capacity, for whatever reason, and there was no Power of Attorney in place, nobody would have the legal authority to manage these interests on your behalf. This could lead to failure to make payments on time, or other issues with the daily operation of your business, creating further stress at a difficult time.
What if I don't have a Power of Attorney?
If you lose capacity to make your own make decisions and do not have a Power of Attorney in place, your family/friends would need to apply to the court for a Guardianship order to obtain the authority to do so on your behalf. Applying for guardianship is a lengthy process and can cause great distress and cost to families at what is already a difficult time.
What next?
Should you wish further advice on putting a Power of Attorney in place, please contact a member of our team.
Photo by Gaulberto107, courtesy of freedigitalphotos.net
