Why business owners need lasting power of attorney

If you own a thriving business you may feel that your company’s financial future is secure. However, should you become incapacitated and you have made plans for someone to run the business in your absence, your business will be at serious risk.

It is crucial that a trustworthy person is transferred the legal authority to authorise payments and make strategic decisions for the business when you are either mentally or physically unable to do so. The Court will eventually choose someone but this could take months, by which point your business could already have been dragged under.

In order to give someone the legal right to make such decisions in your absence a legally binding document known as lasting power of attorney (LPA) must be signed.

Many business owners assume that because they have written a will they are protected should they find themselves unable to run their business. However, what they are forgetting is that whilst writing a will would ensure a successor to their business following the death, it provides no protection while they are still alive. It is therefore of paramount importance that businesses protect themselves in the event that they can no longer look after the business themselves.

We are never far aware from a life changing accident or health problem, whether it be a road traffic accident or a stroke. Therefore, the uncomfortable truth is that we are not immune to these troubles and need not hit old age before they become a problem and place our businesses at risk.

Allowing your business to fail because you did not take the necessary steps to protect it will not only affect you, but your family and any other dependents as well. As a result, it is important that you contact a solicitor about lasting power of attorney before it’s too late.

Do you live in Salisbury and need a Lasting Power of Attorney? Call us today

• Just phone SALISBURY (01722) 4223000 OR

• e-mail us at salisbury@bishopslaw.com OR

• complete the online enquiry form below

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