The consequences of an accident, sudden illness or loss of capacity can be serious for small business owners. Having Lasting Powers of Attorney in place ensures it would be ‘business as usual’ if you couldn’t be there.
Having Lasting Powers of Attorney can be most valuable for those everyday, seemingly ordinary tasks that your elderly loved ones may need help with, from someone they trust.
There may come a time in the future when you are unable to make important decisions for yourself. This could happen if you were to suffer a loss of mental capacity, had an accident or were abroad for an extended period. The only way to have a say in who would make financial or welfare decisions on your behalf is by making a Lasting Power of Attorney (LPA). We look at what could happen if you do not have an LPA in place.
As the owner of a business, responsibility for financial and business decisions ultimately lies with you. Who would make those decisions if you were unable to? Making a Lasting Power of Attorney is the only way to ensure that the responsibility for running your business passes to a person of your choosing.