Most people are under the impression that should they lose mental or physical capacity, then their spouse or children can automatically act on their behalf, but this is not the case.
A Power of Attorney document allows you to name a family member (or members) or indeed a friend, who you trust to act for you and is an important part of your overall Estate Planning requirements.
Anyone over 16 can act on your behalf and we recommend you appoint more than one.
In Scotland, the document is known as a Continuing and Welfare Power of Attorney:
Should you lose mental or physical capacity without a Power of Attorney in place, a family member can apply to the Court to obtain a Guardianship Order to be able to act on your behalf.
This is not only time consuming but also costly and requires annual accounts to be submitted to the Office of the Public Guardian simply adding to their responsibilities.
Carnegie Wealth Management can ensure all of this is avoided by ensuring a Continuing and Welfare Power of Attorney is put in place whilst you have full capacity.
