Cash Clinic: Power of attorney can provide help and support for elderly
A: It is important for your father to consider appointing someone to handle matters in case he should become more frail physically or incapable mentally and unable to deal with his own affairs.
In Scotland there are two types: a continuing power of attorney and a welfare power of attorney.
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Hide AdThe continuing power of attorney enables a nominated person to look after another person's financial and/or property affairs. The welfare power of attorney covers matters of personal welfare such as medical treatment.
Also, your father should consider having at least two attorneys in case one should die or become incapable.
If he appoints a continuing attorney, they may be given power to either act straight away as soon as the power of attorney is registered or at a later date.
If he appoints a welfare power of attorney, the attorney would start to act when your father became incapable and no longer able to deal with his own affairs as certified by a doctor within the meaning of the legislation.
The power of attorney needs to be registered with the Office of the Public Guardian (Scotland) and there is currently a charge of 70 for this.
The appointments can be made within the same document if desired and most banks would provide a specific cheque book for an attorney, enabling them to write cheques easily.
Should your father lose capacity to act on his own behalf but not have a power of attorney in place, an intervention or guardianship order could be required.
The cost of these can run into thousands of pounds - in contrast, a power of attorney can be drawn up for a relatively modest cost, along with the registration fee.
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Hide AdEvery adult should consider having a power of attorney put in place; they are not just for the elderly to use.
It is important that legal, tax and financial advice is taken in respect of all of the above.
• Glen Gilson is a partner and head of private client and financial services at HBJ Gateley Wareing.
If you have a question you need answered, write to Jeff Salway, Personal Finance Editor, The Scotsman, 108 Holyrood Road, Edinburgh EH8 8AS or e-mail: [email protected]. The above is for general purposes only and is not tailored for individual use. It does not constitute legal, financial or investment advice on any particular matter and must not be treated as a substitute for specific advice.No action should be taken in reliance of the information given.
The Scotsman Publications Ltd and HBJ Gateley Wareing accept no liability on the basis of this article.