A power of attorney is a lasting power of attorney in Scotland like a dependable friend, handling your important life decisions. Its purpose? To ensure your wishes are carried out, even if you’re unable to express them.
Sounds useful, doesn’t it?
But wait, as you might be wondering, “What’s the difference between Power of Attorney & Lasting Power of Attorney?” we’re all set to answer this for you!
Key Takeaways:
- Power of Attorney lets someone act on your behalf while you’re still mentally capable.
- The Lasting Power of Attorney comes into effect if you lose mental capacity.
- Power of Attorney covers specific, short-term decisions; Lasting Power of Attorney offers broader, long-term coverage.
- Power of Attorney may not require registration; Lasting Power of Attorney must be officially registered.
- Power of Attorney is cheaper to set up, while Lasting Power of Attorney involves higher costs.
Key difference between power of attorney and lasting power of attorney
Let’s clear one thing up before we go further: both types of Power of Attorney focus on ensuring your peace of mind and safeguarding your interests. Consider them as your personal guardians, always prepared to step in during your hour of need. Now, let’s explore how these two are different:
| Aspect | Power of Attorney | Lasting Power of Attorney (or) Continuing and Welfare Powers of Attorney |
| Usage | Power of Attorney in Scotland is common. | Lasting Power of Attorney in Scotland isn’t used. Instead, an equivalent document, Continuing and Welfare Powers of Attorney, is used in Scotland. |
| Purpose | Allows another individual to act on your behalf while you’re mentally capable. | Allows another individual to manage your affairs when your mental capacity deteriorates. |
| Scope | May only be limited to specific decisions. | Encompasses a broad range of decisions. |
| Types of decisions | Could cover decisions about money, property, health, or personal matters based on the agreement. | Involves financial decisions like handling banking services, settling bills, placing funds in investments, property sales and decisions related to health care, care arrangements, daily schedule, food, clothes, and housing. |
| Cost | Less expensive. | Usually more expensive due to registration. |
| When it takes effect | Can be activated right after you sign it, unless stated otherwise. | Can be activated right away or only when mental capability is lost. |
| Duration | Generally, it’s for a specific time or task. Ends if you lose mental capacity | Continue even if you lose mental capacity. |
| Registration | Registering with the Office of the Public Guardian isn’t always required. | Registering with the Office of the Public Guardian is mandatory. |
| Legal requirements | Needs to sign and have it witnessed. | It’s not just signing and witnessing. A certificate of capacity is a must, too. |
Clearly, each type of power of attorney provides diverse protection levels and flexibility. The key is to identify the perfect fit for your exclusive circumstances. Understanding the difference between Power of Attorney and Lasting Power of Attorney (Continuing and Welfare Powers of Attorney for people in Scotland) is beneficial when choosing the most suitable type for your needs. This ensures your legacy is secure, and your desires are regarded with dignity.
How to obtain a power of attorney and lasting power of attorney in Scotland (including continuing and welfare powers of attorney)
Looking to start the process? Here’s your simple guide to setting up a Power of Attorney:
- Choose a person you unquestionably trust. This could be a family member, friend, or professional.
- Based on your requirements, opt for either a general Power of Attorney or a lasting one (Continuing and Welfare Powers of Attorney for people in Scotland).
- Obtain the necessary forms. These are readily available online or at professional firms like iLAWS Scotland (yes, that’s us).
- Complete the paperwork. Here, you’ll clearly state what powers you want to delegate.
- Get a certificate of capacity from a doctor.
- Add your signature while a witness is present. Someone who isn’t your attorney needs to see you sign.
- Register with the Office of the Public Guardian (Scotland). This is the pivotal step to make it official.
At ILAWS Scotland, we can help you at every stage with expert guidance, paperwork, and warm, friendly support.
Cost to setting up a Power of Attorney in Scotland
Setting up a Power of Attorney comes with two types of costs.
The Office of the Public Guardian charges a £96 fee for each Power of Attorney registration. This one-time charge applies to both the Power of Attorney types. So, if you’re getting both Continuing and Welfare Power of Attorneys, you’ll pay £96 in total. Then, the fees can vary significantly up to as much or even over £1,000 + VAT.
Yet, at ILaws Scotland, we charge a total of £375 per person for a Power of Attorney, including both continuing and welfare rights. This includes VAT and the £96 registration fee.
On a Final Note: key considerations when setting up a power of attorney in Scotland
Discussed a lot, haven’t we?
We have explored the different types of Powers of Attorneys and scrutinized costs. Now, you should be feeling more prepared to plan for what’s ahead. Keep in mind that setting up a Power of Attorney goes beyond just filling out forms.
It keeps your wishes and values safe. You and your family can rest easily knowing your affairs will be handled just as you planned, no matter what surprises life throws your way.
Thinking about what’s next? ILAWS Scotland is here to lend a hand.
We’ll help you in planning, protecting, and securing your future.
Looking for a standard Power of Attorney for short-term needs or a more comprehensive, Continuing and Welfare Powers of Attorney for long-term scenarios?
Our experienced team works directly with you, creating a Power of Attorney tailored to your unique needs.
We take time to understand you. We clarify the difference between Power of Attorney and Lasting Power of Attorney (Continuing and Welfare Power of Attorney in Scotland).
We’ll guide you towards the best options and see that your wishes are clearly expressed and legally valid.
Don’t gamble with the future. Reach out to us TODAY. Together, we will create a simple plan that gives you the peace of mind you deserve. After all, your legacy is important. Let’s make sure it’s in safe hands!
