The last thing on many business owner’s minds is what would happen if they suffered an accident or illness that meant they became unable to manage their business or personal affairs.
A common misconception is that Powers of Attorney are documents that you take out in later life after you are diagnosed with a slow progressing illness such as Dementia or Parkinson’s disease. It should however be noted that Powers of Attorney can only be made whilst you have the capacity to understand them. As a result, many people sadly leave it too late to take these incredibly important documents out - leaving their families and / or business partners struggling to pick up the pieces following sudden illness or injury, such as strokes, heart attacks or car accidents.
Drawing up a Lasting Power of Attorney (LPA) is a relatively straightforward process and our private client department specialise in guiding clients through the process from taking instructions to registering the documentation with the Office of the Public Guardian.
It is quite common for those with businesses to take out one LPA appointing their family members to make decisions about their personal affairs and a separate LPA appointing their business partners to make decisions about their business affairs only.
If you have any queries about any of the above or would like additional information about taking out Lasting Powers of Attorney, please don’t hesitate to contact a member of our team.