The Importance of a Power of Attorney

Power of Attorney is the subject of the next in our Guest Blog series, and comes from friends over at MacLay Murray Spens solicitors in Glasgow.

As part of our regular reviews with our clients we are always at pains to highlight the importance of good legal advice, particularly around estate planning and family issues.

I hope you find this interesting and I would certainly recommend you give the contents some serious thought.

POWERS OF ATTORNEY

Many people now understand the importance of making provision for their families and loved ones when they are gone by way of a Will. However, the importance of a Power of Attorney cannot be underestimated. In a risk-averse world where provision is made for every eventuality, it makes sense to consider the preparation of a Power of Attorney.

Powers of Attorney should be regarded as an insurance policy of sorts and affords protection to ourselves, our loved ones and our assets against the risk of losing the ability to look after our own affairs.

Gone is the antiquated notion that Powers of attorney are simply for the elderly. Not only can life changing illnesses such as Alzheimer’s and Parkinson’s disease devastate families, road traffic accidents can also result in families suffering. Conditions and events like these can compromise an individual’s ability to manage their own affairs. Contrary to popular belief, there is no automatic right conferred upon a spouse or a partner, or indeed a child to step in and look after someone’s affairs should the worst happen. Conversely, matters can become very protracted and involve significant expense.

Granting a Power of Attorney does not mean you lose control of your affairs from the moment you sign on the dotted line. It simply means that you afford those you trust the most the opportunity to look after your financial affairs and welfare matters should you require help. It can serve to give you and those closest to you peace of mind in knowing that matters are protected and safeguarded, and acts as a vehicle to assist in dealing with practical matters at what is often a tense and emotional time for families.

Similarly to preparing a Will, granting a Power of Attorney is a simple and cost effective measure, and should be considered by everyone, regardless of age.

Why take risks with our welfare and finances? The protection is there.

Should you wish to discuss the benefits of putting a Power of Attorney in place, please do not hesitate to contact a member of our Private Client team on 0330 222 0050 who will be more than happy to assist with any questions or queries you may have.

As usual you can let us know what you think here and please feel to give us any suggestions that you may have for future blogs.