Beyond tax and accounting
Owning a business is a big responsibility – especially when you’re a sole operator or in a small business with only a handful of staff. What happens if things don’t go according to plan?
Financially, any critical illness will damage your business and could even leave you with no business and debts you can’t pay. Any sensible business adviser will tell you that you can insure to cover this – but what happens if you lose mental capacity?
You don’t have to be elderly to suffer from dementia or memory loss and you’ll find that running a business with any kind of memory problems can be an insurmountable challenge. So what do you want to happen?
If you haven’t decided what happens if … your business could end up in the wrong person’s control. That’s where it’s important – for your business and your family to put your wishes down in writing. This is known as a Lasting Power of Attorney (LPA) and sets out everything you want to happen, even if you should lose mental capacity.
Instead of your family having to apply to the courts and wait many months to get judgment, the LPA comes into play and the people you want to represent you step into place.
Putting an LPA together isn’t a complicated process – ask Jane how it works. You can call her on 07801 287 213 or email for further information.