Most people understand the benefits of a lasting power of attorney (LPA), which allows an individual to nominate someone to make decisions on their behalf if they become incapacitated in some way.
But not everyone knows what a business LPA is and how it can be used to protect businesses if something serious happened to the business owner.
Some business owners are content that in circumstances where capacity is lost, the Court of Protection will appoint a deputy. While this is true, it is an expensive process and can take several months.
Having no one with authority to access business bank accounts or make decisions for several months could cause a quick demise for many businesses.
It is always best to have an LPA in place, even if it is never used, so should something serious occur to the business owner – there is a safety net in place.
The person trusted to step up and run the business can oversee the business bank accounts and deal with issues such as invoices, wages and tax matters, as well as assessing and signing contracts.
Putting a business LPA in place ensures a person you know and trust will take the reins immediately and can begin to deal with the usual running of the business without delay or unnecessary costs.
We can come to you, in the privacy and convenience of your own home, to discuss Wills, Trusts and Lasting Powers of Attorney.
We can explain why they are important and suggest ways that you can put steps in place to give you peace of mind for the future.
By drafting a Will, Lasting Powers of Attorney or setting up Trusts, not only will your wishes be carried out as you would like but you can also protect your family and friends from costly and stressful legal disputes. Please contact us on 01724 642 842 or by email on info@tytolaw.co.uk.