What is a Power of Attorney and why do I need one?
A Power of Attorney is a written, legal document giving someone else permission to take actions or make decisions on your behalf, whilst you are still alive. You choose the person you want to act as your Attorney and what powers you want the Attorney to have.
A Power of Attorney (POA) is intended to ensure that your financial affairs and personal welfare can still be dealt with and protected in the event of you being unable to act on your own behalf. It is something often associated with the elderly and young people may ask – why would I need a power of attorney? However nobody knows what is round the corner.
The 2018 Budget made an announcement regarding Inheritance Tax with commentators stating that plans to simplify the inheritance tax rules could be just around the corner.
However the well-publicised changes to Probate fees relate to England and Wales only, not Scotland.
November is Will Aid month and Macnabs is delighted to be taking part once again in this year’s annual Will Aid fundraising event where our lawyers are volunteering their time and waiving their fee for writing a basic Will. Macnabs has taken part in the annual Will Aid scheme for 7 years now and raised an impressive total of £37,561 to date, making them the 4th highest donating firm in the whole of Scotland.