Can a Lasting Power of Attorney protect business interests?

Appointing a Lasting Power of Attorney (LPA) will mean that someone can act on your behalf if you suffer from mental incapacity. There are countless reasons to appoint a Lasting Power of Attorney, and it’s an important and effective way of protecting your business interests for the future.

Many people consider what will happen to their business, or investments, after they die, but often can forget to make sure those interests are protected if they become too ill to act for themselves. Business owners need to ensure that they appoint someone they trust as an LPA, so they can be sure that what they would want to happen to their assets and business is taken care of.

Lasting Power of Attorney for business owners

Business owners looking to protect their assets, should they become ill, would need to appoint a Lasting Power of Attorney for Property and Financial Affairs. By appointing an LPA for Property and Financial Affairs, you are entrusting someone to make decisions around your finances, from bills and tax, to property and investments. 

You can appoint any number of attorneys to act on different matters, and can place legally-binding restrictions on their powers. This means you could arrange your matters to have one attorney only look after the needs of your business, and another to look after your personal finances, should you wish.

As a business owner, should I get a Lasting Power of Attorney?

If you are a business owner, you need to appoint a Lasting Power of Attorney to prepare for any eventuality. Appointing an LPA should be conducted as a typical risk management exercise to protect your business interests. If you do not appoint an LPA, and you lost capacity or became ill, your business could face severe disruption. Depending on what type of business you run, it could be detrimental to the future, and have long lasting effects.

Will I need another attorney for my personal matters?

Assigning someone as your Lasting Power of Attorney for Property and Financial Affairs does not mean that they will be able to make decisions on your personal care. You will also need to appoint someone as your Lasting Power of Attorney for Health and Welfare. By appointing someone as this, you will also ensure that your own personal care is covered should you lose mental capacity. Appointing this type of LPA will allow a loved one to make sure your medical care, place of residence and daily routine, such as washing and dressing is covered.

Contact Black Norman today

Our Lasting Power of Attorney solicitors can assist you through the process of assigning an LPA, to ensure you make the best decision for you and your business. We have been serving clients in Merseyside and beyond for over 30 years, and can not only help with appointing a Lasting Power of Attorney, but with a variety of other services as well.

If you don’t know what type of LPA you need, or whether you need one, get in touch with a member of our team, or call us on 0330 016 7847 for a chat about your circumstances.