Most people understand the benefits of a lasting power of attorney (LPA), which allows an individual to nominate someone to take decisions on their behalf, if they become incapacitated in some way.
Less well known is the ability to put an LPA in place for a business, which makes a lot of sense in the current health crisis, when the sudden illness of a business owner could have serious ramifications for the business and its workforce, to say nothing of the owners livelihood too.
Sarah Nash, Associate Director and Head of Wills, Probate and Trusts at law firm Ansons Solicitors, explains: “Lack of awareness is typically why business owners don’t adopt a business LPA and without one the business will have to rely on the Court of Protection to appoint a deputy, but that takes time.
“Being unable to access business bank accounts or make decisions for months could precipitate a quick demise for many businesses, adding to the owners problems.
“Better an LPA is in place and never used, but there should something serious befall the business leader. The person trusted to step up and run the business can oversee the business bank accounts, deal with issues such as invoices, wages and tax matters, as well as assessing and signing contracts.”
The article will cover:
- Benefits of a business LPA
- Events likely to trigger its use
- How to set up a business LPA
- The protection offered
About the author: Sarah Nash is an Associate Director and the head of Ansons’ Wills, Probate and Trusts team. She is a full member of STEP, with more than 19 years’ experience advising on a wide range of private client matters including, Lasting Powers of Attorney and Deputyship. Sarah has presented seminars, written blogs and undertaken radio interviews on the topics of wills, probate and trusts.
About the firm: Ansons is a leading firm of solicitors with offices in Cannock, Lichfield, Halesowen and Sutton Coldfield, providing a complete range of legal services to businesses and individuals. Services range from advising on commercial property and corporate matters to family law and wills, probate & tax planning.