Itís unfortunate that many business owners give little or no thought to what would happen to their business, if they lost their mental faculties, became physically immobile or were stranded abroad for any reason.

What would happen to your business if you were not able to make financial decisions?

As a director, partner or sole trader, youíll know how important it is for you to make financial decisions for your company eg. to settle invoices, pay staff or set up direct debits.† If you were unable to make those financial decisions, itís likely your company would be greatly impeded. Quite simply, you need to be able to manage your company finances in a way that allows your business to remain operational.

Itís therefore important for business owners to set up a Business, or Commercial, Lasting Power of Attorney. The whole process is simple and straightforward.

Business Lasting Power of Attorney (LPA) for Property & Financial Affairs

A†Business†LPA†would both authorise someone you trust, often a business partner, to manage your company†when you were abroad or should you become mentally incapable of making financial decisions yourself. It would enable your company to continue operating in your absence as opposed to grinding to an unpleasant halt, with similar consequences.

By undertaking careful planning, you can avoid your company being thrown into financial turmoil because of your absence or serious illness, through making a Business LPA for Property and Financial Affairs.

To get help setting up a Lasting Power of Attorney or to request a leaflet, please contact us on 020 8537 3448 or send an email to lpa@ashtongrace.co.uk

You can also find out more about Lasting Powers of Attorney here.

Ashton Grace ñ specialists in Wills & Estate Planning