February 6, 2017
For anyone who doesn’t know, Lasting Powers of Attorney are documents you can put in place that mean in the event of you losing ‘capacity’ i.e being unable to make and understand decisions, someone can take over your affairs. They come in two parts: finances and health and wellbeing. If these aren’t in place, then it would mean the Court of Protection would appoint a Deputy who would do this for you. While this is done to protect vulnerable people, unfortunately it means your loved ones are unable to make any decisions regarding your life. They are unable to choose your health care, to take you on holiday without permission or run your bank account. There was even a report recently where a woman was imprisoned because of not complying with the court of protection’s orders.
To avoid this, you would put in place Lasting Powers of Attorney. You can choose to do either or both Lasting Powers of Attorney and set people up to be able to make decisions as soon as you have been deemed to have lost capacity.
One thing that is incredibly important is to know that you can set up another financial LPA purely to cover your business needs. While you might not want your business partner to make decisions about your personal finances, would you want your spouse to make decisions about your business? In some cases, one LPA will be enough as spouses get involved in their partner’s businesses however if you think this isn’t what you want then you should be aware of your options! Did you know you could also add your accountants or financial advisers as attorneys as well?
A business LPA is just one of several topics you should consider when looking at how you want your business to be dealt with when you’re unable to run things yourself. Should your spouse receive your shares or the value of those shares? Have you considered the benefits of Business Property Relief or Agricultural Property Relief that might be lost?
Making sure that you have covered all the important issues that may arise is exactly why we offer our free legacy planning reviews for both your business and your personal affairs. We will go through an in-depth fact find to make sure we have a full understanding of your assets, find out what is important to you and then recommend the planning that will achieve this for you.
If you would like further information on protecting your busiess you can book a free legal appointment by calling 01530 416555 or email firstname.lastname@example.org