My colleague Pauline Davies was at a Shropshire Chamber of Commerce networking even this morning reminding people, especially those in business of the need to consider making a Lasting Power of Attorney.
Most people are aware that they should put in place an LPA especially as they get older in case of illness or even physical infirmity which can prevent people dealing with their affairs.
Business people, especially those such as sole directors, do not always realise that if they were to be involved in a serious accident and ended up in intensive care that there could be problems with running their business. They may also need to consider whether their spouse or close family members would be the right people to deal with their personal affairs and their business affairs. For instance, it may be that a spouse would be best placed to deal with personal affairs but that a trusted member of staff together with a sibling who has some knowledge of the business would be best placed to run the business at such a time.
Everyone’s family circumstances and business circumstances are different, meaning that you should speak to PCB Solicitors about what would work best for you and to ensure that it is in place as an insurance policy in case something awful happens to you.
Written by Michelle Parry, Wills & Probate Assistant
