Busting the Myths About Power of Attorney - 7 Myths Busted! - Scotland

Описание: Two senior members of Gibson Kerr's Edinburgh-based Personal Law team bust the myths about Powers of Attorney in Scotland, from the myth that Powers of Attorney are only for elderly people (they're not!) to the myth that being an attorney is the same as being an executor (it's not!).

For more information, see https://www.gibsonkerr.co.uk/wills-es...

Video transcript:

Myth 1: Powers of Attorney are only for elderly people
Not true

Stuart Millar, Associate (SM): A Power of Attorney is useful for anyone who loses their capacity due to illness or an accident and obviously that could apply at any stage throughout your life.

Myth 2: Powers of Attorney shouldn’t be put in place until you need them
Not true

Lindsay Maclean, Head of Personal Law (LM): A Power of Attorney is used if you’ve become incapable of making decisions for yourself, or of speaking for yourself, so it’s better that you’ve put it in place while you’re still able to and then it’s ready to be used when you need it.

Myth 3: Powers of Attorney take effect as soon as they’re granted
Not necessarily true

SM: In relation to welfare powers, so they’re decisions about where you live and medical treatment, they can actually only ever come into effect in the event that you’re assessed as no longer being capable of managing your own affairs.

LM: For continuing powers, which is anything relating to your finances and your property, there are two different ways they can be put into place. You can put them into place to be effective straight away or delay them so that they’re only used if you become incapacitated or if you want them to be used.

Myth 4: You’re signing your rights away if you grant a Power of Attorney
Not true

SM: For as long as you have the capacity to make those decisions then you’re still absolutely entitled to do so and the Power of Attorney doesn’t affect that.

Myth 5: Your attorneys can use your money for whatever they want
Not true

LM: There are guiding principles which set out how an attorney should act, for example they should always act in your benefit and they should take account of your wishes whenever they can.

SM: In addition, there are certain safeguards in place so, for example, the Office of the Public Guardian, which is the body that oversees Powers of Attorney and Guardianships, they have powers to investigate if your attorney is not acting in accordance with those principles.

Myth 6: Your spouse or family can organise everything for you without needing a Power of Attorney
Not true

SM: If there’s no Power of Attorney in place nobody, whether that be your spouse or other family members, is automatically entitled to make those decisions on your behalf.

LM: Your family may have to go to the Court to ask for court-appointed Guardianship powers, and that Guardianship process is much longer than having a Power of Attorney in place and it’s more expensive. It’s also more stressful for your family because they’re having to ask a court to appoint them powers.

Myth 7: An attorney is the same as an executor
Not true

LM: An executor is someone named in your will to manage your estate after you’ve died, whereas an attorney is someone you’ve appointed to act for you during your lifetime.

SM: An executor and attorney can be the same people or they can be two separate people depending on who you feel is most appropriate for the role.