Business lasting powers of attorney
Do you own your own business? Have you ever thought what would happen if, suddenly, through illness or accident, you are incapacitated? Who would run your business and pay your staff and the bills?
If the answer to these questions is “I don’t know”, you should consider appointing someone you know and trust to be the attorney of your business in a property and financial affairs lasting power of attorney.
Family members or friends will only be able to deal with your business interests by applying to the Office of the Public Guardian for a deputy order if you lose capacity and do not have a valid power of attorney. This is an expensive process that often takes many months to complete during which time your business could suffer.
People frequently don’t make lasting powers of attorney because they believe that family members can act on their behalf. Without a valid power of attorney they will have no authority to do so. Your bank, for example, cannot give your husband or wife access to a business account held in your name because you have lost capacity, unless there is a valid power of attorney in place authorising them to do so.
It is important to choose someone familiar with your business to act as your attorney and this might mean selecting different attorneys for business and personal affairs.
Our specialist lawyers can advise you on the preparation and registration of lasting powers of attorney. Please contact Richard Welton on 01843 234000 for advice or fill in our enquiry form and we will be in touch.