A lasting power of attorney (LPA) is a legal document that provides another person of your choice the ability to make a decision on your behalf. If something should happen to you where you were left unable to work and support yourself, then your nominated attorney can attend to the business and look after your assets.
Shareholders, partners, and sole traders are good examples of people who can benefit from appointing an attorney. That way, if you should fall ill or become incapacitated then it will fall on the shoulders of the LPA to keep the business going so your family still receive an income.
The results of not appointing an LPA can be devastating for any business. The legal process with courts take a long time, more debt would have built up if you had to send an application to the Court Of Protection.
When you appoint your attorney, it’s imperative that you choose someone you trust and is confident in the job. This may mean that you need to have a separate business LPA to your personal one, as someone you trust with your personal situation may not be best suited to running a business for you.
Here at Will Protect, we offer a range of services to our customers in order to save you time, stress and money. These services consist of Wills, Estate Planning, Tax Planning, and Conveyancing.
For most business owners the chances are that a lot of your wealth is tied up within the company. But it is very important to make sure a plan is in place, in order for your family to see any benefits.