DeVere House

4 Acorn Business Park
Woodseats Close
Sheffield, S8 0TB

Protecting your Business with a Lasting Power of Attorney

As a business owner, you know that the continuity of your business is one of the key elements in your business plan.

Few owners realise, however, that if they are unable to manage their financial affairs (including business matters), due to a physical or mental incapacity, there is no-one with legal authority to manage them on their behalf.

If you need to pay wages, fulfil orders or sign cheques and you cannot do it yourself, your business continuity is compromised.

It is important to have a Lasting Power of Attorney to ensure that, if you lose capacity, there is someone appointed to run the business and to handle your personal financial matters.

What happens if I do not have a Lasting Power of Attorney?

If you lost mental capacity, and had not entered into a Lasting Power of Attorney, then a Deputy would need to be appointed by the Court of Protection.  The appointment can take many months to arrange and can be a very costly and stressful exercise.

There is a risk that while waiting for the appointment your business could cease trading or that the appointed Deputy could have very different views to yours about how to run your business.

By having a Lasting Power of Attorney you can avoid the uncertainty.  You can choose who to appoint and they can step is as soon as needed saving time and stress for your business associates and family.

If you would like to discuss a Lasting Power of Attorney please contact Helena Grady  on (0114 2588899).  Helena is a Solicitor and member of the Society of Trust and Estate Practitioners (STEP) with many years’ experience.

Fogwill & Jones Legal Services Limited is an independent niche law firm that trades alongside Fogwill & Jones Wealth Management Limited. The businesses are entirely separate and regulated by different bodies.  The only connection is that they are both owned by Colin Fogwill.  The benefit to our clients is that when financial advice is needed alongside legal advice, these services are available under one roof.

Fogwill & Jones (Legal Services) Limited remains open during these unprecedented times.  We are conducting meetings with our clients via Zoom, on the telephone or face to face.