Most people know me as a Will Writer, so they tend to think I deal with unexpected death. They are right to a degree, but my role as an Estate Planner means that there is rather more to what I can do.
Business owners are busy people – I am one myself. There are 101 things to do every day. We probably often ask ourselves what made us start our own businesses in the first place? The answer is probably different for everybody but one thing is certain – this ‘thing’ that we have created is fragile and needs to be protected. We certainly would not want to see all our hard work go to waste.
So what’s my point? Well, did you know that if you were to lose your mental capacity as a business owner you could lose control of your business? Let’s imagine that you own 1/3 of the issued shares in your limited company. You make decisions on a daily basis which affect the running and the future of the business. Undoubtedly you will have had to fight against some changes you didn’t agree with. But if you lost your mental capacity tomorrow, you lose your voice until your family have made an application to the Court of Protection. This process takes at least 6 months which is a long time in business. During that time, although decisions can still be made, you have no input and that could be disastrous.
By creating a Lasting Power of Attorney you appoint people, in advance, to manage your affairs and make decisions on your behalf if you unexpectedly lose mental capacity. This avoids the need for an application to the Court of Protection and means your family or professionals appointed by you could continue to make decisions in your place.
Sounds easy doesn’t it? That’s because it is, and the cost starts from £175 +VAT. Now what are you waiting for?
Steve Wilkes is Managing Director of Silver Lining Estate Planning Ltd, a Suffolk based firm with national coverage. More than just Will Writers.
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