We all know what a Will is, and it’s fair to say we probably all understand the benefits and importance of having one. But can we say the same for Power of Attorney (POA) or a Protected Property Trust (PPT)?
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While we might have an idea of what they are, their importance is often overlooked.
That’s why Martin Lewis, the Money Saving Expert, caused a stir while appearing on TV programme This Morning a few weeks ago, he suggested that Power of Attorney is indeed more important than a Will.
Martin said: “I got my Power of Attorney at 35. I don’t care how old you are. It’s not just about dementia. It’s about strokes and accidents…and other things that stop us from being able to look after our financial and our health decisions. A Power of Attorney is arguably more important than a Will.”
So, if you thought, ‘but I don’t need POA yet. I’ll maybe consider it in future,’ it’s time to think again.
Finding out more about POA and putting it in place needn’t be a daunting prospect either. It’s as simple as making a phone call to ILAWS Scotland.
Free no-obligation advice
Offering free no-obligation home visits to advise you on all your options relating to estate planning – including Wills, POA and Protected Property Trusts – ILAWS can help you get your affairs in order – with no drama. Perhaps you’ve seen their adverts currently running on STV?
Agreeing with Martin Lewis, Tony Marchi, principle at ILAWS, strongly urged people not to postpone sorting POA. He had this advice if you are wanting to research more on the subject.
Tony explained: “When you are looking at information online regarding POA, you could be looking at English information. You need to be aware that POA in Scotland is different.
“In Scotland, POA is available on a continuing (financial) and welfare basis. This means the only thing a POA can’t do for you is make a Will. They can do everything else with your permission or if you are incapacitated.
“On the Money Saving Expert website for example, you’ll see reference to a ‘lasting POA’. You don’t get that in Scotland. So be careful when you’re searching information online.”
How much does POA cost?
The Money Saving Expert says you should expect to pay about £500 to £600 for POA. However, ILAWS can arrange your Power of Attorney for just £330.
How can they charge less? Tony explained: “You cannot get a better POA than what we offer. The reason we are so competitive in our pricing is due to an economy of scale. Wills, POA and protecting your property is what we do.”
However, with rising court and registration fees, ILAWS prices will be going up soon. So don’t wait to book your appointment.
As well as POA, protecting your home from care home fees is another hot topic on which the experts at ILAWS can help.
There are many myths relating to protecting your home from care home fees. For example, many people fear that a PPT or transferring ownership can risk your home in other ways. That isn’t the case.
People also assume if they have a mortgage or if they have equity release on their property, then they can’t protect their home. But you can.
Protect your home and your legacy and give ILAWS a call. But make sure you do it soon.
Tony added: “We get calls every week from people who have left it too late to arrange a PPT or POA, and then there’s nothing we can do. If they’d called us six months previously, we could have had everything sorted for them.”
So, let ILAWS sort your affairs with a friendly service and no drama.
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