What is a power of attorney?

There may come a point as we age when we lose our marbles. By that, we mean that we lose what attorneys refer to as our mental capacity to make decisions about our finances and physical well-being. We generally take that for granted in our daily lives. But as we age, the likelihood that we will lose it increases. According to the NHS, one in 14 people over 65 and one in six people over 80 have dementia. People can lose their mental capacity as a result of a stroke or accident. Therefore, it is a good idea to be ready in case it does.

Making a Power of Attorney should come after making a will. That simply means granting someone you love and trust the authority to act in your place should a moment come when you are unable to make decisions for yourself. It is crucial to organise a power of attorney while you still have it because you can only make one if you are mentally capable of doing so.

Choosing your attorney

The person who transfers power to another is referred to as the "donor," and the individual who receives the power is referred to as the "attorney." Giving someone these abilities is a significant step. People frequently select a son or daughter, husband, wife, or partner. However, it can also be a trusted friend or even a professional, like a lawyer, albeit you'll have to pay them to do it. To ensure that someone is available, if necessary, you can hire more than one attorney.

Requirements for creating a power of attorney

Additionally, you have to suggest a "certificate provider." They must sign your application to attest that you are making the decision freely and aren't being pressured into doing so. This individual must be an adult who has known you for at least two years and is not related to you or your attorney. Usually, it's a professional, like a doctor, who might charge. You require a physician or a solicitor in Scotland. It is best if everyone is present at the same time because you will also need a witness to ensure that all of the signatures are made accurately and in the proper order.