Business as Usual?
If you are a business owner, planning for the future is something that often gets pushed to the bottom of the list, particularly following a global pandemic.
Lawyers like myself spend a lot of time reminding business owners to put in place succession planning, particularly making sure their wills are up to date.
But what can often be overlooked is what would happen if a business owner loses capacity, even if it is only for a comparatively short period, such as due to illness.
If a business owner becomes incapable of managing the business, potential risks are that bank accounts could be frozen, contracts voided, reputations damaged and the business could even struggle to continue.
A Lasting Power of Attorney (LPA) is a document which appoints someone to act on your behalf if you became unable to make decisions for yourself. There are separate documents to cover your financial decisions and your health decisions.
With business interests, it may be advisable to put in place a specific Financial LPA to cover your specific business assets – for example if the person or people you would want to manage your personal finances on incapacity may not be the same as the person or people you would want to manage your business interests.
Our Wills Trusts and Probate Team at Brethertons can advise on LPAs and ensure you have the right documents for your own circumstances.
For more information about making Lasting Powers of Attorney please visit our attorney page https://www.brethertons.co.uk/site/services/wills-trust-capacity-probate-solicitors/powers-of-attorney/
If you would like advice from one of our Private Client Solicitors, please email lindsaygutteridge@brethertons.co.uk or phone 01295 270999 (Banbury Office), 01869 252161 (Bicester Office)