Get a power of attorney - or risk being locked out of your finances

ILAWS SCOTLAND ARE THE EXPERTS WHEN IT COMES TO SAFEGUARDING YOUR FINANCIAL FUTURE

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STATISTICALLY, it's far more likely that you have a will than power of attorney - but which one do you think is more important?

You may be surprised to learn that while both will protect you and the people you love from cost and stress at difficult moments, well-known personal finance experts are adamant that power of attorney is the more important of the two.

Without power of attorney, if you lose mental capacity, your loved ones could be locked out of your finances, even if you're struggling to pay for your care or your mortgage - stressful and extremely costly at the worst possible time.

If you have assets, you should also have a will, so that you - and only you - can decide where they go after your death. Without a will, distribution of assets will be governed by intestacy rules, which dictate who gets what. You and your family won't have a say.

While not every power of attorney arrangement gets used, it's a crucial piece of personal admin that you should put in place now - because otherwise, it might be too late.

EVEN if you already have a will, don't assume that that's the end of it. A will is a live document, which means it's really important to keep it updated. as you can never be absolutely sure when it will come into play.