Power of Attorney for Continuing Financial (Scotland)

In Scotland, a Power of Attorney (POA) is a legal document that authorises another person or persons to act on an individual's behalf in financial and property matters. A Continuing Financial Power of Attorney (CFPOA) is a type of POA that allows an appointed agent to manage and make decisions related to the grantor's financial affairs.

A CFPOA can be established at any time by an individual who is 16 years or older and has mental capacity. The document outlines the specific powers granted to the agent, such as managing bank accounts, investments, and property transactions. It also includes any limitations or conditions placed on the agent's authority.

Unlike a Welfare Power of Attorney, which only comes into effect when the grantor loses mental capacity, a CFPOA can begin immediately and remain in effect even if the grantor becomes incapacitated. This provides a level of security and assurance that someone trusted and capable will be able to manage the grantor's financial affairs if they are unable to do so themselves.

It's essential to select an agent who is trustworthy, reliable, and has a good understanding of the grantor's financial situation. The agent has a legal duty to act in the grantor's best interest and can be held accountable if they fail to do so.

A CFPOA can be revoked or amended at any time by the grantor, provided they have the mental capacity to do so. It's recommended to review and update the document periodically to ensure it reflects the grantor's wishes and current financial situation.