Protecting your business interests are paramount and you may feel you have taken all necessary steps to ensure its smooth running on a day-to-day basis. But are you sure you haven’t missed something?
Everything may run like clockwork while you are around but what happens if suddenly you are not? Will the business still function efficiently? Indeed, will it still function at all?
And crucially, will those taking up the reins be able to do so by having access to the areas of the business that may previously have been denied them?
Problems affecting mental capacity can happen at any time and it’s important to have a plan in place to ensure your business affairs are looked after in accordance with your wishes should the need arise.
A Lasting Power of Attorney (LPA) will ensure your chosen party or parties can step in to deal with your affairs in the short or long term if you are suddenly and without warning struck down by something like a stroke, brain injury, Alzheimer’s, dementia or Parkinson’s.
There may be other occasions where an LPA will be of benefit - a short-term illness or injury where you may be physically incapable of attending an appointment or are abroad on holiday or business.
Planning for the future needs of a business is something those in charge think about on a regular basis and have structures in place to see the company is always operating at optimum efficiency - but they don’t always think about the incapacity of ill health and this can lead to problems.
Many people think a business colleague or spouse will automatically be able to take over should you suddenly become incapable of administering your affairs, but that isn’t the case and if you haven’t appointed an attorney, the disruption to a business may be substantial.
It may not be possible to access bank accounts to pay wages or authorise insurance renewals, potentially affecting the day-to-day running of the business severely.
You can choose whoever you wish to be your attorney, provided they are over 18 but it’s important to think carefully about who you appoint. It needs to be someone you trust to make these important decisions for you and is capable of carrying them out.
Your attorney must be reliable and have the skills to fulfill the role. You can choose more than one attorney if you wish. We are happy to guide you through the process.
The specialist team at Lanyon Bowdler is ready to help and advise you on all aspects of drafting a Lasting Power of Attorney which will ensure the day-to-day business of your company can continue efficiently without you, should the worst happen.
We have many years experience in drafting such documents giving you the peace of mind in knowing that everything is taken care of and you can get on with what’s important - running your business.
Taking out an LPA is something many people don’t think about or leave until it may be too late and are overtaken by events. But it’s important to consider the implications while you are still able.
Call the team today or use the online contact form and we will get in touch with you directly.
Lanyon Bowdler have established offices with expert teams of solicitors in Shrewsbury, Bromyard, Hereford, Ludlow, Oswestry, Telford, and Conwy in North Wales.
We are one of the most recognised law firms in Shropshire, Herefordshire, Mid and North Wales, Birmingham and the Midlands. We are able to offer a wide range of pricing options including fixed fees and service level guarantees.
As a leading national law firm, we regularly act for clients all over the UK to arrange lasting power of attorney for businesses. We can represent you wherever you live in England, Wales or Northern Ireland.