Protect your family business

Protect your Family Business with a Power of Attorney

Family-owned businesses in Britain contribute billions of pounds to the UK economy every year.

They are often the bedrock of the communities they belong to, and have been in business for many generations.

The Institute for Family Business calculates that two thirds of UK businesses are family-owned – 4.8 million in total, generating over a quarter of the country’s GDP.

If you are involved with one of these firms, have you ever thought about what might happen if you were to have an accident, or become ill? It could threaten the future viability of your business if you are no longer able to run it.

There are ways you can ensure the right person steps up to run your business while you are out of action, whether that be for a temporary period or long-term. This is by having a Lasting Power of Attorney (LPA)– a practice whereby you can nominate one or more individuals to step in and take control of your family business with all the complexities it might involve.

A Power of Attorney is not just about choosing someone to control your money affairs, it means you can appoint the right person to run your business, whether that be a family member, a friend or even a trusted employee.

You can also appoint more than one person to carry out the role. They could all have skills in different areas – organisational, financial or actually doing the job. But bear in mind they would have to agree  as conflicts may arise.

A Power of attorney can ensure the continued success of your business – important if you want to pass the reins to someone else in your family in the future, even if they are not ready to inherit the responsibility just yet!

In fact, a Power of Attorney for your business should be the foundation of an effective business continuity plan.

Regardless of health, all business owners should have a Lasting Power of Attorney in place to ensure that their business and family finances are fully protected.

If you want to know more about appointing a Lasting Power of Attorney – which you can do at any time while you still have the capacity to do so – then why not speak to Will Makers of the Midlands.
Contact us on 01952 305 105 or 07786 548025 or email enquiries@willmakersofthemidlands.co.uk

Remember, if you don’t have a Will, the authorities will decide how and who should receive your assets according to rules called the ‘Laws of Intestacy’.

Simply call us on 01952 305 105 for more information or to arrange a convenient time to meet one of our consultants.

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We’ll come to visit you in the comfort of your own home to discuss how we can manage your assets.

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We’ll prepare and store your paperwork, and check in with you once a year to confirm your will is still suitable for your circumstances.

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WHAT OUR CLIENTS SAY ABOUT US

I have known David for over ten years and cannot recommend him too highly.

He has written several Wills for me and my family and also Powers of Attorney.

I have recently had my Will written by David. He came to our house and gave us a first class service, he was very helpful and guided us through the process. The after care is also excellent, you are given wallet sized cards which detail your Will and where it is stored, if legislation changes updates to the Will are completely automatic reflecting these changes. I would highly recommend David to any of my friends or colleagues.”

With two young children our major concern was to ensure that we implemented the right provisions for their future care and financial well being. The way that you structured our meeting and the advice that you provided, has left the pair of us feeling incredibly comfortable. We now have a legal document that would ensure our aims have been met. We couldn’t recommend David highly enough.

I have known David for some time and find him to be extremely knowledgeable and professional.

Friends and family of mine have used David’s services and the feedback has always been very positive.

Peter Clowes

Oliver & Debbie Rowe

James Godfrey

Karen Babington

I recently had to deal with a difficult situation getting my brother to resolve his Will and powers of attorney due to his illness – with various complications from previous marriages and many emotional barriers to clear solution of his wishes. His own solicitor had made a dreadful attempt at sorting things out and drafted a Will saying the exact opposite to the wishes I had been asked to deliver as executor. Having used David, previously, for my own Will, I called on him to deal with my brother’s affairs in Sussex. David could not have been more helpful, knowledgeable and swift to sort all this out, including travelling to my brother’s home to deal with matters. I don’t think I can recommend David highly enough – he has the ability to deal with what could be distressing and morbid in a most positive and compassionate manner.

Emma Davies

I recently had to deal with a difficult situation getting my brother to resolve his Will and powers of attorney due to his illness – with various complications from previous marriages and many emotional barriers to clear solution of his wishes. His own solicitor had made a dreadful attempt at sorting things out and drafted a Will saying the exact opposite to the wishes I had been asked to deliver as executor. Having used David, previously, for my own Will, I called on him to deal with my brother’s affairs in Sussex. David could not have been more helpful, knowledgeable and swift to sort all this out, including travelling to my brother’s home to deal with matters. I don’t think I can recommend David highly enough – he has the ability to deal with what could be distressing and morbid in a most positive and compassionate manner.

Emma Davies