What a Lasting Power of Attorney can do for you and your business

You may not be in a position to make decisions for a number of reasons, whether that be because of a medical condition that leaves you incapacitated, or because you are abroad.

A Lasting Power of Attorney (LPA) is an important legal document which authorises your attorneys to make certain decisions on your behalf should you become unwell or lose the capacity to make the decision yourself.

It may not be appropriate for your appointed attorneys under a personal property and financial affairs LPA to be the same people that make decisions about your business interests.

It is possible to make a separate property and financial affairs LPA which is specific to your business.

A business LPA is an effective way of allowing someone that understands the needs of your business to make decisions on your behalf.

Sole traders often run specialist and technical businesses. It might be wrong to assume that a family member could step in and manage the business on your behalf.

A business LPA can ensure the continuity of your business, especially if the right person has been appointed as your attorney.

If your business is a partnership then in the absence of a properly drafted Partnership Agreement that covers issues such as incapacity, then it may be impossible to make decisions without a business LPA in place.

If you own shares in a company, you can provide for situations such as loss of capacity in your Articles of Association. You can also appoint other shareholders in your company as your attorney to make decisions regarding your shares in the circumstance that you are unable to make the decision yourself.

It is important to seek legal advice in relation to the preparation of your LPAs, particularly if they need to work in line with Partnership Agreements and a company’s Articles of Association.

Chris Stone, solicitor at Jackson Lees

At Jackson Lees, we can provide you with guidance and specialist advice about what you may wish to include within the documents to ensure that your business is protected. We can also advise you about the different ways in which your attorneys can be appointed and what would happen if any of them were unable to act.

Importantly, we can ensure that the LPAs meet your specific requirements and that they are valid so that they can be used after registration.

Since lockdown began, we have remained very much open for business virtually and continue to handle all client cases and new enquiries as if we were in the office. We are able to offer telephone consultations, and, where practical, video meetings.

If you would like to talk to one of our empathetic specialist advisers, you can call us free on 0808 302 3464 (also free to call from mobiles) or email enquiry@jacksonlees.co.uk. Alternatively, visit our website www.jacksonlees.co.uk

Liz Potter, solicitor at Jackson Lees

A Flexible Service

At Jackson Lees we understand that one of the most important things that we can do is plan our own futures to ensure that we protect the futures of those we love after we are gone. We will provide you with expert, professional and sensitive legal advice, helping you deal with a wide range of matters including; writing your Will, dealing with Probate, Inheritance Tax Planning, setting up Trusts and their administration, and making a Lasting Power of Attorney.

What Jackson Lees can do for you…

• We offer free half-hour appointments for anyone who wishes to find out 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 are in a dispute regarding inheritance
• We offer free safe storage of any Will
• We can register your Will on Certainty’s national Wills database

Let Jackson Lees make things a little easier for you and your family. Contact our Wills, Trusts & Probate team to book an appointment or to chat through your requirements. Call us free from either a mobile or landline on 0808 302 3464.