Chris Stone, attorney at Jackson Lees, explains the importance of business owners with a Lasting Power of Attorney (LPA).
You may have thought about what will happen to your business after you die, but have you thought about what would happen if you couldn’t make decisions about your business during your life?
You may not be able to make decisions for a number of reasons, whether it is because of an illness rendering you unable to work or because you are abroad.
A Lasting Power of Attorney (LPA) is an important legal document that empowers your attorneys to make certain decisions on your behalf in case you feel uncomfortable or lose the ability to make the decision on your own.
It may not be appropriate for your appointed attorneys under a personal property and financial affairs LPA to be the same people who make decisions about your business interests.
It is possible to create a separate real estate and financial LPA that is specific to your company.
A Business LPA is an effective way to enable someone who understands your company’s needs to make decisions on your behalf.
Sole proprietorships often run specialized and technical businesses. It might be wrong to assume that a family member could run and run the business on your behalf.
A business LPA can ensure the continuity of your business, especially if the right person has been appointed to be your attorney.
If your business is a partnership, without a properly drafted partnership agreement that covers issues such as incapacity for work, it may be impossible to make decisions without a business LPA in place.
If you own shares in a company, you can include situations such as loss of capacity in your articles of association. You can also appoint other shareholders in your company to act as your lawyer to make decisions about your shares if you cannot make the decision yourself.
It is important to seek legal advice regarding the creation of your LPAs, especially if they must operate in accordance with partnership agreements and a company’s articles of association.
Chris Stone, attorney with Jackson Lees
At Jackson Lees, we can advise and provide technical advice on what you might want to include on the documents to ensure your business is protected. We can also advise you on the different ways to appoint your lawyers and what would happen if either of them were unable to act.
The important thing is that we can ensure that the LPAs meet your specific requirements and are valid so that they can be used after registration.
Since the beginning of the block, we have been very open to business virtually and continue to process all customer cases and new inquiries as if we were in the office. We are able to offer consultations over the phone and, where practical, video meetings.
If you’d like to speak to one of our empathetic technical advisors, you can call us toll free on 0808 302 3464 (also free on cell phone) or email us at [email protected]. Alternatively, visit our website at www.jacksonlees.co.uk
Liz Potter, lawyer with Jackson Lees
A flexible service
At Jackson Lees, we know that one of the most important things we can do is plan our own futures to make sure we protect the futures of those we love after we’re gone. We provide competent, professional and sensitive legal advice to help you deal with a wide variety of matters, including: write your will, deal with estate and inheritance tax planning, set up trusts and their administration, and obtain permanent power of attorney .
What Jackson Lees Can Do For You …
- We offer free half-hour appointments for anyone who wants to learn more about our services
- Three local offices to choose from:
- Hoylake 0151 909 3204
- Heswall 0151 909 3201
- Liverpool 0151 909 3147
- We also offer assistance if you have an inheritance dispute
- We offer free secure storage of wills
- We can register your will in Certainty’s national will database
Let Jackson Lees make things a little easier for you and your family. Contact our will, trust and estate team to make an appointment or to discuss your requirements. Call us free of charge on your mobile phone or landline on 0808 302 3464.
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