Lasting Powers of Attorneys for Business Owners
What would happen to your business if you lost mental capacity? If you were out of the country on a business trip or recovering in hospital following a major operation - do you have anyone to make decisions or sign on your behalf? Could your business continue to function? What would that mean for you, your employees and your family?
Lots of business owners have considered what may happen should they die, but not necessarily if they are incapacitated, which could have serious implications for your business.
At Wolferstans we advocate everyone having a Lasting Power of Attorney for financial affairs and for health and welfare. However if you are a business owner we recommend that you have two separate Property and Financial Affairs LPAs: one to cover your personal finances and one to run your business. If you were to become incapacitated then your loved one, who may be your attorney of choice for your own affairs, might not be the right person to also deal with your business. All of their time may be taken caring for you rather than being able to focus on the business, or your loved one or child might not also be particularly business minded or the best person to deal with your business and its assets.
The person(s) you appoint to act on your behalf is known as an attorney and must be someone you trust. Your appointed attorney (s) should also be familiar with the business or business in general. At Wolferstans we will be able to help you choose suitable attorneys looking at your individual circumstances. As part of the process we will review your partnership agreement or Company’s Articles to ensure that if such issues did arise, the business could still function.
We will be very soon launching this new service at Wolferstans and to receive details of our launch event or to register your interest please get in touch.