You may have heard about Powers of Attorney and thought that it’s something for older people. We, however, are here to bust that myth.
We all know that we should make a Will, but not enough of us know that we should also consider making a Power of Attorney.
Sadly, like death, mental and physical incapacity could happen at any time. This could be through illness or a freak accident or there might be a time when you want someone you trust to act on your behalf temporarily.
By making a Power of Attorney, an individual gives someone else, or a number of people, the right to act on their behalf should they become mentally and/or physically of doing so on a long term or temporary basis. The temporary nature can be particularly helpful for those who travel a lot (which may not be quite so relevant just now) as their attorneys can act on their behalf whilst they are out of the country.
A Power of Attorney is also a key document for individuals with owner-managed businesses. It is important to have robust continuity plans in place and this includes having a Power of Attorney. If a business owner is suddenly unable to run their business and make day to day decisions, this could bring a business to a halt and create significant financial complications. Even if just temporary, this could be disastrous for a business. By having a Power of Attorney in place, the chosen attorney or attorneys would be able to deal with these matters and avoid any potential damage to the business.
Get in touch - we're here to help
A Power of Attorney is relevant at any age and stage in life and if you would like to discuss further, please get in touch with one of our private client team, they would be happy to help.
- Glasgow: 0141 221 8888
- Edinburgh: 0131 247 2500
- Inverness & Highlands: 01463 798 777
- Elgin: 01343 542 623
- Shetland: 01595 695 583