The Importance of Having a Will and a Power of Attorney
It is estimated that only a third of the population of Scotland have a Will and it is likely that fewer still have a Power of Attorney. This inevitably will lead to many families having to go through difficult and costly processes when someone loses capacity or passes away. Making a Will and a Power of Attorney will make it easier for loved ones to get through a time which may already be very stressful.
Your Power of Attorney sets out who would be able to manage your affairs and make decisions on your behalf if you lost capacity and your Will sets out what should happen with your estate once you pass away. Neither document becomes effective until it is required.
It is understandable that it is not easy to think about losing capacity or passing away but making a Will and a Power of Attorney is not as difficult as people think it is, and it will give peace of mind that your affairs are in order.
It is just as important for young people to have Wills and Powers of Attorney as it is for older people to have them.
Did you know?
- It is particularly important for croft tenants to have a Will to ensure the croft can be transferred to the next tenant.
- It is not necessarily true that everything will automatically go to your spouse or partner if you pass away without a Will.
- If you do not have immediate family members and you have not left a Will, your estate will be shared out by the nearest class of relatives. This could mean that cousins you are rarely in contact with will inherit your estate.
- It is not enough to simply tell people your wishes while you are living, your Will requires to be written.
- You can change your Will at any time if circumstances change, so it is not set in stone when you first make a Will.
- If you do not have a Power of Attorney in place and you find yourself in a situation where you cannot manage your own affairs, no one will be able to deal with your bills, take money out of your sole bank account or make any decisions for you. The only alternative is for a Guardianship Order to be put in place which can take several months and will involve the Court and a number of professional assessments.
At Anderson Macarthur we are passionate about everyone having a Will and a Power of Attorney and we are committed to keeping the costs of these documents affordable. Our solicitors will be able to take you through the process of making a Will and a Power of Attorney and answer the questions you might have.
Anderson Macarthur is signed up to the Free Will Service offered by Cancer Research UK. This means we can offer free wills to clients. Cancer Research UK will pay for your Will to be made in the hope you leave something to them in your Will. If you would like to use the Free Will Service then please let us know when you contact us.
Tha ar luchd lagha fileanta anns a’ Ghàidhlig agus gu math deònach bruidhinn ri neach sam bith mu dheidhinn na cùisean seo anns a’ Ghàidhlig.
For more information and to arrange your Will and Power of Attorney, please contact one of our offices: -