Business owners can find their investment and their own position in a company at risk if they lose the ability to make decisions for themselves. By failing to plan ahead, business owners could be making themselves vulnerable to difficulties for their family and employees.

Becoming incapacitated can have a sudden and detrimental impact on your business, and it is important to have the right people in place to protect your interests. If your spouse or children don’t know enough details about your line of work, they may not be the most suitable people to give power of attorney over your business. A business LPA lets you put the right people in the role, but will require consultation with a solicitor to make sure that your business Lasting Power of Attorney is drawn up correctly and will work in practice depending on how your business is structured.

Your attorney can also act on your behalf on a day-to-day basis. This means that if you are otherwise indisposed, for example, if you are on holiday or you need to travel for business, your attorney will be able to sign paperwork and complete transactions in your stead.