An awful thought.
But of course your loved ones will step in?
Running a business is hectic and demanding. So while you probably don’t want to think about it, the risk of incapacity after a car accident, for example, or a serious stress-related health problem is ever-present.
If you as a business owner suddenly lost the capacity to make those important decisions, it’s not hard to imagine the catastrophic impact it would have.
A Business Lasting Power of Attorney takes all this uncertainty away
Depending on whether your business basis is sole trader, partnership or limited company, a Business Lasting Power of Attorney may or not be appropriate. We’ll be pleased to advise you about your individual position.
Someone you nominate will then be legally empowered to act as your attorney (they don’t have to be a lawyer in the US sense of that word). Your attorney could be your spouse, partner, business associate, child over 18 or any other trusted person.
Crucially, your attorney will be able to take over the running of the business immediately
They’re free to go into your business and act for you the moment you become incapacitated. There’s no need to apply to the Court, no associated applications costs and no extra stress for you or your family at a difficult time.
Creating a Business Lasting Power of Attorney is usually a simple matter
And with that peace-of-mind box ‘ticked’, you can get on with running your business and enjoying the family income it provides.
You can also nominate trusted others to take your personal decisions if you can’t
Separate from your business affairs, you can also use Lasting Powers of Attorney to make sure the right people are able to take decisions for you with regard to your own finances and your health & wellbeing. More about that here.