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Power of Attorney
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What is a Power of Attorney?
If you want to allow another person to manage your affairs, you can grant a Power of Attorney. Some key points:
- A Power of Attorney can be limited to a specific task or time period, e.g. selling a house or whilst you are on holiday, This is a Standard Power of Attorney.
- An elderly or seriously ill person may want to grant a Continuing and Welfare Power of Attorney to cover decisions about long term care. This can continue to be used in the event of incapacity (e.g. dementia or stroke).
- The attorney can be a relative, friend, solicitor or someone else trusted by the granter. The attorney does not need to have any legal or other qualifications.
- You should check that the person is willing to act as your attorney.
- A Power of Attorney does not amount to giving up ownership of a person's assets.
- After completing a Power of Attorney it is not essential to use it. Once in place it need only be used if required. It can be recalled.
Our advice is that it is “good housekeeping” to have a Continuing and Welfare Power of Attorney in place early on. The costly and cumbersome alternative is to seek a guardianship court order after a person loses capacity to make decisions, as it is not then possible to set up a Power of Attorney.
What we can do for you
- We draw up the Power of Attorney document and ensure it is properly signed.
- We can make home visits if the granter is housebound.
- We provide a letter of explanation to verify the document's legal status to third parties such as banks, who often do not understand the nature of a Power of Attorney.
- For a Standard Power of Attorney, we can supply certified copies. It is also possible to have the document formally registered to allow for valid duplicates to be issued if the original is lost.
Additionally, for a Continuing and Welfare Power of Attorney:
- We must complete a form to confirm that we are satisfied that the granter understands the nature of the document.
- The document and supporting forms are submitted to the Office of the Public Guardian in Scotland for acceptance and registration. Official copies are supplied.
What documentation do I need to provide?
This is very simple. All that's needed is photographic I.D. and proof of address in two separate documents – usually a passport or driving licence and a bank statement or utility bill. This is needed for both the granter and the attorney.
Costs
The typical cost of a Continuing and Welfare Power of Attorney is around £300 + VAT. However, costs can vary according to individual circumstances. We will be happy to provide a quotation – please call us on 0131 467 5566.
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