If you run your own business, it is important to consider what would happen if you or one of your co-directors or shareholders were suddenly unable to makes decisions due to illness or accident.
Many of us consider this situation for our personal circumstances and finances, but can often overlook this from a business perspective.
Without a business lasting power of attorney in place, your business may not be able to operate if a director or shareholder becomes seriously unwell. In contrast, if that director or shareholder had taken the precaution of making a business lasting power of attorney, signed and put away in case of emergency, his or her chosen person would be able to step in without delay and keep the business running.
A well-drafted business lasting power of attorney prevents a health crisis becoming a business crisis and should be an indispensable part of risk planning for all directors and business owners.
To read the briefing note provided by Woodstock Solicitors, then please click here
