Valuable
Tip
9
Ensure somebody has the legal authority to operate your
business without you being there
As a business owner you may have considered who you would want to run your business if
ever in the future you were to become incapacitated; you may even have insurances in
place to cover the costs of you not being there. But,one thing often overlooked is this…
If your incapacity restricted your ability to make your own decisions e.g. you had a serious illness,
in a coma, or had a serious brain injury, then where does it LEGALLY say who has your authority
to run the bank accounts, pay staff, order stock, accept payments, make business decisions etc,
"My partner or spouse could
automatically look after my affairs"
Without the correct legal
authority in place they CAN'T
If you were ever unable to make your own
decisions you would be deemed to be a
vulnerable person. Not having in place the
legal authority required to act could result
in some serious consequences for your
business. In order to protect its own
interests, your bank may be quick to
restrict or freeze your accounts, halt
overdraft facilities, even call upon loans.
At that time, the Court of Protection
would have to grant somebody the legal
authority to act on your behalf. That can
take many months to establish and be a
costly process. Plus, the Court may well
appoint somebody you would not have
chosen yourself. Meanwhile, your staff
and your business could experience
significant disruption or much worse.
A Business Lasting Power of Attorney (BLPA)
is a vital legal document for your business.
Mak your BLPA NOW, while you still can. This enables you to choose and appoint a
person(s) who YOU want to be able to look after your business affairs if ever you were to
find yourself unable to do so at any time in the future.
Without a BLPA in place your family will need to go through the
stressful and costly experience of the Court of Protection process
Call 07584 502 545
www.secureinheritance.co.uk