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Why all Business Owners should have a Lasting Power of Attorney

You are putting your energy into running your business. When and if you do take time out it should not be to worry about what might happen if you become incapacitated.

If you were in hospital and unable to give instructions or make decisions who could do this for you? Could anyone? Who could decide what treatment you should have and where?

The answer is to complete a Lasting Power of Attorney – both for Property and Affairs and for Health and Welfare. You could then appoint up to 4 people who can take those decisions on your behalf.

More and more people are doing these Lasting Powers of Attorney. Most hope they will never have to use them but with so many dangers in modern life as well as medical issues and an increase in dementia everyone should do one.

Where someone loses the ability to make decisions for themself and does not have a Lasting Power of Attorney in place, the only alternative is to apply to the Court of Protection for a person to be appointed to deal with your affairs. However, these applications take months and in this time your business could suffer badly not to mention the problems for your family. Also the application is very costly and all major future decisions will need the approval of the Court at additional expense.

Taking a little time to get your own affairs in order now may be hugely valuable for you, your business and your family in the future.

For more information regarding Lasting Power of Attorney or to book an appointment, please contact our:

Wills, Probate, Tax and Trusts Team on 01905 721600

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