Protecting Businesses with an LPA

A lasting power of attorney, also known as an LPA, is a legal document that gives a person (the "donor") the ability to select one or more reliable people (the "attorneys") to act as decision-makers on their behalf in the event that they are unable to do so themselves. This may involve deciding on matters pertaining to finances, one's health and welfare, or both.

Having a lasting power of attorney for your business comes with a number of benefits, including the following:

The donor can have piece of mind knowing that someone they trust will take care of their affairs in the event that they become unable to do it themselves by establishing a lasting power of attorney (LPA).

The donor has the ability to specify who will act as their attorney and what powers that attorney will have when they use a lasting power of attorney. This grants the donor a greater degree of control over their business and affords them the opportunity to tailor the LPA to meet their specific requirements.

Assists in avoiding conflicts: An LPA can be of assistance in the avoidance of disagreements amongst family members or other interested parties who may have contrasting perspectives on what is best for the donor.

Protects the business: If the donor is also the owner of a business, an LPA combined with a suitable will,  can help ensure that the business will continue to run smoothly after the donor has passed away. This is especially the case if the donor is the only person who possesses the required knowledge and ability to successfully run the company.

In conclusion, a business lasting power of attorney can give the donor with peace of mind, flexibility, and security for their business, as well as the business itself. It is a handy tool for anyone who wishes to ensure that their affairs are managed in the event that they become unable to make decisions for themselves for whatever reason.