Perhaps you haven’t thought about what would happen if you were incapacitated or unable to run your business. Or if you’ve had to go abroad on urgent business. We work with our Wills, Probate & Inheritance Team to prepare robust commercial lasting powers of attorneys to ensure that your business doesn’t stop just because you’re not physically there. It may seem as though someone could “step in” and run the business, or sign important documents but that’s not automatically the case, particularly in the case of sole trader businesses or partnerships.
If the documents are drafted correctly, then they can cover some of the following:
- Buy, sell or transfer property
- Organise property insurance and deal with other financial matters
- Access your bank statements
- Open and close bank accounts
- Make investments
- Deal with the tax affairs of the business
Contact us if this is something you want to consider. The reality is that by the time most people are forced to think about this important document, it’s too late.
