Q: I am a business owner, do I need a Lasting Power of Attorney?
A: Yes you do. Whether you are an owner of a business, director or a sole trader a Lasting Power of Attorney should be a priority on your To Do list.
If you were to suffer an injury or illness which meant that you were unable to run your business, what would happen? Who would have the legal authority to carry out essential business operations on your behalf? By appointing an Attorney YOU take that decision and you can plan accordingly. You give your Attorney the authority to deal with your property and financial affairs. This may involve accessing the business bank account to pay suppliers, dealing with insurance renewals, new contracts, paying salaries of employees, organising repairs, closing accounts, selling property, dealing with tax affairs and such like.
You can appoint one or more Attorneys and have the option of Replacement Attorneys. You can specify how the Attorneys are to act and provide preferences and instructions as to their role. You can also decide if the power is to come into effect straight away as soon as it is registered or only if and when you lose mental capacity in the future.
Without a Lasting Power of Attorney which covers your property and financial affairs, someone (not always the person YOU would choose) would need to come forward and apply to be appointed as a Deputy to do those things on your behalf. This application is made through the Court of Protection and is inevitably longer and more costly.
Don’t leave your affairs uncertain; cover all aspects by planning now for future unknowns.