Lasting Powers of Attorney (property and finances)
Appoint a trusted person to take care of an individual’s financial and property affairs; they are used if the donor (the person making the LPA) becomes incapacitated, but they can also be used when the donor has full capacity; for example, if you regularly travel abroad it makes sense to have someone available to take care of things in your absence.
You may appoint your spouse, partner or children to look after your personal finances, but it doesn’t always make sense to ask them to also look after your business affairs as well, particularly if they don’t have the relevant experience or expertise.
Whether you are a sole trader, or in a partnership, a limited liability partnership, or a director of a limited company, take time to consider the impact of incapacity on the business, and who is the right person to look after it if you’re not there.
Ask us about how a Lasting Power of Attorney for Business, appointing someone to stand in your shoes if needed, can ensure that your business is in safe hands until you recover.
Please contact Christine Pick if you would like to discuss any of the above.
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