10/05/2022
Would your business survive if something happened to you?
Most people are aware of lasting powers of attorney (LPA) and how helpful they can be if you find yourself incapacitated for any reason. There are two types of LPA: a financial LPA and a health and welfare LPA. These allow another person to act on your behalf.
We have sadly seen LPAs needed more and more recently, including situations where clients have not been elderly or anticipating losing their abilities, for example due to life changing accidents. A LPA can be invaluable to both the individual and their families in these instances, so it is never too early to consider putting them in place.
LPAs can also allow someone to manage your business should you be unable to do so. They are therefore particularly important for sole director shareholder companies as they prevent businesses grinding to a halt during periods of difficulty.
Although they are legal documents, LPAs are relatively straight forward to draft and can be easily accessed via the link below:
https://www.gov.uk/government/publications/make-a-lasting-power-of-attorney
If you would like to discuss further how LPAs can help you, your business and your family, please contact Gemma Hedges on 023 8046 1259.
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