Understanding How POA Affects Shared Assets
If you jointly own a home or bank account with someone — a partner, spouse, or relative — you might assume they can simply take over if something happens to you. But that’s not always the case.
This guide explains how a Power of Attorney can and can't support decisions around jointly owned property and why clear wording and good advice matters.
Joint Ownership Doesn’t Always Mean Legal Access
In Scotland, many couples or family members hold property or bank accounts in joint names. But this doesn’t automatically give one person full authority if the other loses capacity.
Without a Power of Attorney:
- They may be blocked from selling or refinancing the property
- Banks may freeze accounts or require a court order
- Major decisions could be delayed — even in urgent situations
What a POA Allows You to Do
A Continuing Power of Attorney can give someone legal authority to:
- Access and manage jointly held bank accounts
- Handle paperwork for mortgages, utilities or insurance
- Consent to sell or transfer ownership of a shared property (depending on how it’s held)
This must be clearly set out in the POA document and properly registered.
What to Be Aware of with Joint Property
A well-drafted Power of Attorney in Scotland can cover decisions about jointly owned assets including the authority to act on someone’s behalf if they lose capacity.
However, there are still a few things to keep in mind:
- The POA must be clearly written to cover joint property and financial powers
- Some banks or mortgage lenders may ask for additional paperwork
- If wording is vague or too limited, it might not be accepted in practice
That’s why it’s worth getting advice to make sure your POA covers everything you might need, especially if you share ownership of a home or bank account.
What If It’s Too Late?
If one owner has lost capacity and there is no POA in place:
- You may need to apply for Guardianship to deal with jointly owned assets
- This can take months and may delay financial decisions or property sales
How We Can Help
At Hastings Legal, we regularly help clients set up POAs that cover jointly owned property and shared financial responsibilities. We can:
- Review how your property is held
- Tailor your POA wording to include the right powers
- Help avoid costly delays and court processes later
