Cash Clinic: Power of attorney can do deed while you’re away

MY job often means I have to spend long periods overseas. I own a fair bit of property in Scotland and often need to delay purchases or sales because I am unavailable to sign paperwork. This also means that I miss out on investment opportunities. Is there anything that could make it easier for me to deal with these matters?

LK Edinburgh

QHaving a continuing power of attorney in place could be the solution. A continuing power of attorney would enable you to nominate an individual to look after your financial or property affairs. If you appoint a continuing attorney they can be given power to either act as soon as the power is registered, or at a later date.

This means that when you are working away from home for long periods of time, your attorney could sign any necessary deeds or documents on your behalf, in relation to the potential purchase or sale of a property or properties. The deed would also grant your attorney the power to buy, lease, sell and otherwise deal with any interest in any property, including the power to insure, keep in good repair, improve, restore and replace any property forming part of your estate. In addition, your continuing attorney could, for example, open and close bank accounts on your behalf and pay all household expenses.

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This would provide you with peace of mind that matters are being dealt with when you are out of the country and would also help to avoid any delay in respect of potential investment opportunities.

• Glen Gilson is a partner and head of private client & financial services at HBJ Gateley

If you have a question you need answered, write to Jeff Salway c/o The Scotsman, 108 Holyrood Road, Edinburgh EH8 8AS or e-mail: [email protected]

The above is for general purposes only and is not tailored for individual use. It does not constitute legal, financial or investment advice on any particular matter and must not be treated as a substitute for specific advice. No action should be taken in reliance of the information given. The Scotsman Publications Ltd and HBJ Gateley accept no liability on the basis of this article.

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