Thursday, 8 March 2018
The number of Power of Attorneys being registered in Scotland has increased by nearly 40% in four years. Figures recently released from the Scottish Courts and Tribunals Service show there were 63,209 Powers of Attorney registered between April and December last year, up from 45,526 in 2013/14.
A Power of Attorney allows you to appoint someone to handle your financial affairs such as banking, insurance and investments. It can also include welfare powers to allow your attorney to make decisions regarding medical treatment and your care.
The statistics showing the substantial increase in Power of Attorney registrations were obtained by MSP Kezia Dugdale using a parliamentary question. Ms Dugdale said “These figures suggest that more Scots are taking the sensible step of putting their financial and legal affairs in order. A Power of Attorney ensures that people still have the maximum say in what happens if one day they can’t make decisions for themselves.”
A Scottish Government spokesman said “Making an active directive, or appointing a power of attorney, is an individual decision and we would encourage anyone considering making one to seek professional advice.”
At Stevenson & Marshall, we have certainly seen an increase in clients granting Powers of Attorney in recent years. In the past year alone, we prepared and registered over 200 Powers of Attorney for our clients. While Powers of Attorney have traditionally been thought of as something for more elderly or infirm clients, we encourage all of our clients to consider granting Power of Attorney as an important safeguard for the future.
If you would like to discuss Power of Attorney then please contact one of our Lifetime Legal Team on 01383 721141.