Lasting Power of Attorney for Business Owners

As a business owner, you will know how much time, money, and effort you invest in your business.

Protection and Peace of Mind

Having a business continuity plan is essential to enable your business to function and protect those who depend on it if disaster strikes. A crucial part of your business continuity plan includes having a Lasting Power of Attorney for your business. It means that people you trust will have the legal powers in place for your business to continue if you (or your business partner / co-director) cannot make decisions due to accident or illness.

The Team at Standford Legal have prepared an excellent PDF Resource to help with understanding Lasting Power of Attorney for Business Owners. View and Download the document below.

What are the risks? 

Incapacity can be caused in a variety of ways
and can be temporary or permanent.

• Strokes happen every 5 minutes. A quarter
of stroke patients are of working age. Two
thirds of stroke patients leave hospital with a
disability.

• Head injuries happen every 3 minutes.
Accidents in the workplace, at home or
through sports are common causes of brain
injury and can happen to anyone at any age.

• Dementia can happen at any age and also
be triggered by head injuries.

What would the impact of incapacity be on your business?

Your bank may freeze your accounts (including joint accounts) with no access granted without a Court order or Lasting Power of Attorney.

In companies, the articles of association will have a list of decisions that directors need to vote on together to agree on contracts, authorise payments and sign off loans. A similar situation applies to business partnerships. For this reason, it is important that if there are multiple business partners or directors that you each have a Lasting Power of Attorney, so there is cover if one or more of you becomes incapacitated.

Could you do with some FREE, sound advice on:

• Writing a Will – What do I need and how much does it cost?
• Creating Lasting Powers of Attorney – If I was incapacitated who can act on my behalf?
• Property Protection Trusts – Can these really save Care Home Fees?
• Pre-Paid Funeral Plans – With so many to choose from how do I decide which plan is best?

There is so much confusion on these vital areas of estate planning, that sometimes just a chat with an expert in the field can clear up misunderstanding and set out the way ahead, without all the legal jargon.

Steve Worsfold
Affiliate Member of the Society of Will Writers
Advising on Wills/Trusts/Probate/Powers of Attorney

Mobile: 07734 744886
Office: 01903 533681
Email: steve@sussexwillwriters.co.uk
Website: www.sussexwillwriters.co.uk

Protecting What’s Precious to You,
Now and in the Future

Sussex Will Writers is proud to support Dementia Friends,
an initiative of The Alzheimers Society

Our business is certified ‘Safe to do business with’ and ‘Code compliant’
by the UK’s largest regulatory body for Will Writers, The Society of Will Writers.
Steve Worsfold has been an Affiliate Member of the Society for 15 years.