Wills & Lasting Power Of Attorneys For Business Owners
Why Consider A Lasting Power Of Attorney?
A Lasting Power of Attorney will ensure that someone is able to administer your business in the event that you are incapacitated or unavailable. This includes things like paying bills, staff payroll and making other important decisions in the best interest of the company.
Why Specifically Wills For Business Owners?
A well-written will can help make sure that your business is passed onto the right person. If you do not have a will, there is a risk that your business could pass to someone who has no interest in running it or lacks the skills or experience to run it properly.
How To Get The Right Advice
If you are a business owner and have questions regarding setting up a Lasting Power of Attorney or will for yourself, then we’re here to help. Just call or contact us by email and we will be more than happy to help!
The Risks Of Not Being Prepared
Looming uncertainty
Arrangements can specify management responsibilities and funding for the future, avoiding uncertainty for family and business members.
Insurances invalidated and more
With nobody in charge, insurances may be invalidated, contracts entered into by the company may no longer stand, and bank accounts may be frozen.
No say in who your company passes to
Without the right arrangements in place, your business may pass to someone who lacks the skills or interest.
Licenses could be withdrawn
If you are in a regulated environment, professional bodies may intervene, and potentially licences to trade could be withdrawn.
Got Questions?
What is a will?
A Will is a legal document where a person over 18 appoints Executors to administer his estate after death, and directs the manner it is to be distributed to the beneficiaries he or she specifies.
Why should I make a will?
Making a will is important as dying without one means that you leave important decisions up to a local court and your state’s laws. You also won’t have a say in who receives your property and other assets.
Can I make my own will?
Yes, you can make your own will, however there are significant risks in doing so. This is because any mistakes will not be discovered until after your death giving no chance to rectify them. This could mean emotional upset and financial loss for your family
How often should I review my will?
It’s advised to review your will every 3-5 years, however if there are any major changes you will want to consider doing so earlier. This could include marriage, divorce, birth of a child and changes to estate planning requirements.
How long is a will valid?
A will remains valid for an unlimited period of time unless it is revoked.
What about any companies I own?
If you are a director in a limited company you will need to think about who you (or your fellow directors) would want your shares to pass to in the event of your death. Without a formal arrangement in place, the shares would fall into the deceased’s estate and would more than likely go to his or her family who could then end up with a controlling share and a say in how the company is run.
Who should I appoint as executors?
You can appoint as many Executors as you want, but a maximum of 4 can act when the time comes. You must appoint people you absolutely trust to carry out your wishes and it is wise for them to live locally.
What is a trust?
A trust is a legal entity set up by your will that comes into effect upon the death of the person creating the will. They are often used to provide tax benefits or asset protection.
What about leaving someone out?
You can choose to leave someone out of your will, however in the event that any dependants unable to maintain themselves or it is found that you have not fairly provided for your spouse or civil partner (or even an ex-spouse who has not remarried), the Court can alter your Will, under the Inheritance Act 1995, if it is challenged.
What does my estate include?
Your estate includes everything that you own when you die which you are beneficially entitled to give away. This could include things such as; properties, bank accounts, personal possessions, investments and any businesses you own.
What effect do marital changes have?
If you get married or remarried after you have made a will it is automatically revoked unless is specifically details that it was made in contemplation of the marriage. Seperation has no effect and in the event of divorce, any appointment (eg Executor) or gifts in favour of your former spouse / civil partner will fail (unless the Will states otherwise).
Where should I keep my will?
There is no requirement to keep your wi in any given place, however you will want to tell executors where it is. It’s also not advisable to keep it in a bank of safe deposit box as it may be difficult to access without a court order. The recommended place is with your solicitor as even keeping it at home may lead to it being damaged by things such as fire, flood or even ‘vanishing’ should someone not like what it says.
What is a power of attorney?
A power of attorney covers decisions about your financial affairs, or your health and care. It comes into effect if you lose mental capacity, or if you no longer want to make decisions for yourself.
What is enduring power of attorney (EPA)?
EPAs were replaced by LPSa in October 2007, however if you signed an EPA before 1 October 2007, it should still be valid. An EPA covers decisions about property along with financial affairs and comes into effect if you lose mental capacity, or if you want someone to act on your behalf.
What is mental capacity?
Mental capacity means having the ability to make or communicate any specific decisions at the time that they need to be made. For you to have mental capacity, you need to understand the decision along with why it needs making and the likely outcomes.
Do I need a solicitor?
Whilst you can choose to make your own arrangements for an LPA, there’s a lot of things you will want to be certain about before doing so as it is a big decision. The advice and guidance of an experienced solicitor is extremely important to consider as it drafting the documents correctly.
We Believe In Taking The Time To Help You Make An Informed Decision
Initial Consultation
Face to face, over the phone or online
Advice & Drafting
We discuss and draft your documents together
Documents Finalised
Once you are happy, you sign the necessary documentation
Submission
Where required, documents are submitted and stored safely