The reasons for making a Will and having Lasting Powers of Attorney are varied but all good ones! Have you made a Will or updated yours recently? Do you have LPAs?
These are important documents for everyone to have, but if you are running your own business there is an added level importance to ensure that if something happens, there are plans in place to allow the business to continue to run smoothly.
What is a Lasting Power of Attorney?
An LPA is a document that allows you to appoint people you trust to manage your affairs if you become incapable of doing so through accident or illness. There are two types of LPA: one for financial decisions and the other for health and care decisions.
Why is an LPA important for business owners?
If you are a sole trader, having someone who can step into your shoes and deal with financial matters can be vital to ensure the smooth running of your business if for any reason you cannot do so yourself. We all know how difficult it can be to deal with banks, insurance companies etc, particularly with the various Data Protection Regulations that must be complied with. Your incapacity might only be temporary – so you will want to ensure that you still have a viable business to come back to.
Why is having a Will important for business owners?
Most people should have a Will, but if one of your assets is your business then it is even more important that you dictate who that asset goes to after your day. The situation may be more complicated if you have a business partner, or if you are not married to (or in civil partnership with) your life partner. “Next of kin” and “common law spouse” have no legal meaning, and if you do not have a Will those whom you thought would inherit may not.
How we can help
Whether you run a small family business or a large organisation, whether your run a farm or a guest house, the private client team at Thomson Hayton Winkley and The Rural Law Practice will give you the right advice for your particular circumstances. They will ensure that the correct documentation is put in place, giving you one less thing to worry about so that you can focus on what you do best – running your business.
This article does not constitute legal advice and is correct at the time of publishing. For specific advice on your circumstances, please contact us.