The five reasons why you ought to create a power of attorney

Many of us recognise the importance of having a will, but fewer recognise the same significance of having a Power of Attorney to manage your finances.  A common misconception is that Powers of Attorney are meant for the elderly, but they are essential for anyone wanting to secure their health and welfare. However, as life is unpredictable, unforeseen circumstances like accidents, sicknesses, or incapacitation can happen at any time. Because of this, regardless of age or situation, we encourage everyone to have a Power of Attorney in place.

What Exactly is a Power of Attorney?

A Power of Attorney is a legal document that authorises someone else to act and make decisions on your behalf. If a person loses capacity at any point in their life and is unable to handle their affairs, no one, including their spouse, partner, or children, has the automatic authority to assist them.

A Power of Attorney gives your chosen attorney/attorneys the authority to manage your funds (for example, to pay bills and access your bank account) as well as make decisions concerning your care and welfare.

A Power of Attorney can only be established while you have capacity, which generally implies that you are able to make decisions for yourself, act on them, and remember them.

5 reasons why you ought to create a Power of Attorney in place

1. It is implemented as soon as possible

Your attorneys will be able to use the Power of Attorney once it has been signed, completed, and registered with the Office of Public Guardian, allowing them to manage your affairs effectively. With your permission, your attorneys can assist you with your finances while you are still capable, providing you with peace of mind. This can be useful, for example, if you need support with your affairs while you are away.  The powers can also be postponed, if you’d like, so they only take effect in the future in the event that you are incapable, ensuring your best interests are prioritised.

Your attorneys can only decide on your well-being if you lack the mental capacity to do so, potentially requiring the intervention of the court of protection.

Family members may have to petition the court for guardianship rights in the absence of a power of attorney, which can be an extended process at a time when prompt action might be needed.

2. It allows you to take control

By granting a Power of Attorney, you may choose a trustworthy attorney. This can reduce anxiety and confusion by reassuring you that you have a reliable person who is authorised to act on your behalf in a time of need. Moreover, a power of attorney gives you additional safety by allowing you to customise the powers to your preferences. For instance, you could choose to leave out decisions about specific aspects of your welfare or financial situation.

3. It is easy to implement and affordable

Someone will need to petition for a Guardianship Order from the Sheriff Court if you lose the ability and don’t have a Power of Attorney in place. For your loved ones, obtaining a guardianship order is a far longer, expensive, and unpleasant procedure. This procedure can be avoided by making sure you have a Power of Attorney in place.

4. Helps you get ready for an uncertain future

With a Power of Attorney, you can be ready for anything, ensuring your property and financial matters are handled according to your wishes. It can be stressful to think about the future, and we usually don’t want to consider what might happen to us, but planning with a Power of Attorney can provide peace of mind. However, since illnesses and accidents can occur at any time in life, you can feel secure knowing that you have covered all possible future situations by getting a Power of Attorney.

5. Provides comfort to you and your family

By taking early measures to set up a Power of Attorney, you and your family can rest well knowing that your interests and affairs will be handled by a trustworthy individual in the event of your death.  

Conclusion

Protecting your future and making sure that your affairs are run in accordance with your preferences requires taking the proactive and essential step of creating a Power of Attorney. In addition to being cost-effective and easy to set up, it offers instant execution when required and lets you keep control by appointing a reliable representative. By being ready for anything that can happen, you ease the stress on your loved ones and give them comfort in knowing that your personal and financial affairs will be taken care of. A Power of Attorney provides you and your family with protection, stability, and comfort regardless of your age or current state of health, especially when it comes to financial decisions.

Protect Your Future with a Lasting Power of Attorney

With a Power of Attorney from SGT Solicitors, take charge of your future. Despite the unpredictability of life, you may make sure that someone you trust is handling your affairs. By choosing a trustworthy representative, you can maintain control by establishing a Power of Attorney, which can be executed immediately when needed. You can stay away from additional expensive and time-consuming legal procedures with this easy-to-use and reasonably priced solution. By preparing ahead of time, you and your family can avoid unexpected situations and feel more at ease knowing that your personal and financial affairs will be managed in accordance with your intentions. SGT Solicitors provides professional legal advice and a free initial consultation to ensure a smooth and stress-free transaction. To protect your future, get in touch with SGT Solicitors today!