Posted: 28th June 2016
Protect your Business with a Lasting Power of Attorney
Loss of mental capacity doesn’t just affect the very old. It can happen to us all through stroke, accident or illness.
Most of us will have a Will (if we haven’t we really should!) and we will have life assurance so that our loved ones are provided for if we die.
But if we are incapacitated our nearest and dearest will still have financial needs. They may ned to run the household, manage personal and business arrangements and take care of us too.
If you are self-employed or have a small business, how will the business continue? There may be no one else with the authority to make decisions; to sign cheques and deal with the bank, look after your customers and talk to your suppliers.
A Lasting Power of Attorney is another form of insurance… just as important as a life or critical illness policy.
Your Attorney will only be entitled to act if you don’t have capacity. Your Attorney could be a trusted colleague, your accountant or a relative; whoever would be best suited to step in to your shoes.
In most cases your illness or incapacity won’t be permanent. Having a Lasting Power of Attorney will give you the peace of mind of knowing that you will have a business to come back to.
Contact Helen Jackson at 1st Solicitors for more information