Continuity is one of the key elements for any business to survive and thrive.
Most business owners do not think about what would happen to their business if they became incapable of running it or making those important day-to-day decisions through physical or mental incapacity.
If you were to become incapacitated, the Court of Protection would consider you to be vulnerable and would have a duty to inform all financial institutions to freeze your personal and business bank accounts and other assets.
Without a Lasting Power of Attorney (LPA), an application would have to be made to the Court of Protection in order for someone to be appointed as your deputy. This process usually takes many months and the costs can be extremely high.
The consequences for your business could be catastrophic…
If orders need to be fulfilled, bills and wages paid, having someone that has the authority to deal with these matters is essential.
A Lasting Power of Attorney enables the person you trust to take over your financial affairs on your behalf without cost or delay if you were to become incapable of dealing with them yourself.
You can place restrictions on and give guidance to your Attorneys on how they should deal with your affairs. The LPA can be general and can allow your attorney to act on your behalf on all personal welfare or property and affairs matters.
Alternatively, you can restrict your Attorneys’ powers or create a specific LPA which will only deal with certain issues such as your business affairs. A business LPA falls under the Property & Affairs Lasting Power of Attorney so as well as specifying business dealings it will also enable you to appoint separate Attorneys if required for other assets such as the day to day running of your family home.
We understand that for most clients who run their own businesses that it is inextricably linked to the interests and welfare of their family. It is advisable that the creation of a Business LPA should be done as part of a wider estate & legacy planning process.
We want our clients to have the certainty that their business and personal interests are protected and will provide a full Estate & Legacy Planning Review at no cost.
Why not let us take it off your ‘To Do’ list?