Who would look after your business if you were unable to?
Continuity is one of the key elements for any business to survive and thrive.
Enduring Powers of Attorney (EPA) for business owners
Most business owners do not think about what would happen to their business if they became incapable of running it or making those important day-to-day decisions through physical or mental incapacity.
If you were to become incapacitated, the Court of Care and Protection would consider you to be vulnerable and would have a duty to inform all financial institutions to freeze your personal and business bank accounts and other assets.
Without an Enduring Power of Attorney (EPA), an application would have to be made to the Court of Care and Protection in order for someone to be appointed as your deputy. This process usually takes many months and the costs can be extremely high.
The consequences for your business could be catastrophic…
If orders need to be fulfilled, bills and wages paid, having someone that has the authority to deal with these matters is essential.
A Business EPA is essential
An Enduring Power of Attorney enables the person you trust to take over your financial affairs on your behalf without cost or delay if you were to become incapable of dealing with them yourself.
You can place restrictions on and give guidance to your Attorneys on how they should deal with your affairs. The EPA can be general and can allow your attorney to act on your behalf in regards to your property and affairs.
Alternatively, you can restrict your Attorneys’ powers or create a specific EPA which will only deal with certain issues such as your business affairs. As well as specifying business dealings it will also enable you to appoint separate Attorneys if required for other assets such as the day to day running of your family home.
Free review & consultation
We understand that for most clients who run their own businesses that it is inextricably linked to the interests and welfare of their family. It is advisable that the creation of a Business EPA should be done as part of a wider estate & legacy planning process.
We want our clients to have the certainty that their business and personal interests are protected and will provide a full Estate & Legacy Planning Review at no cost.
The British Banking Association
“If you are the joint account holder and the other joint account holder becomes mentally incapable, you do not automatically have the right to access the account unless you have a Lasting Power of Attorney, Enduring Power of Attorney or an order from the Court of Protection.”
We have the expertise and are here to help.
Please contact us for more information or to make an appointment.