This Case Study deals only with the impact of Bernice’s loss of capacity in relation to his business and not in relation to his personal affairs (that would also be affected if he did not have a Lasting Power of Attorney to cover this – find out more in our Lasting Power of Attorney Case Studies).

WITHOUT A BUSINESS LPA IN PLACE

– Bernice will still be able to access the business bank account from abroad (depending on internet connectivity) but:

    • No one has physical access to the business bank accounts meaning that cash cannot be withdrawn
    • No one has authority to speak to financial institutions on Bernice’s behalf
    • No one has authority to sign cheques on behalf of Bernice or the business

– No one has authority to deal with any insurance renewals that are due (especially if Bernice is unable to deal with these remotely)

– No one has authority to sign any documentation, legal or otherwise, on behalf of Bernice or the business 

– No one has authority to deal with existing Service Level Agreements that Bernice has entered into, if Bernice is unable to deal with these remotely 

– No one has authority to enter into any new contracts and Service Level Agreements 

– Disruption caused to the business and the servicing of existing customers

 

 

 

WITH A BUSINESS LPA IN PLACE

– Bernice has piece of mind that her business will be looked after by those she trusts most to be able to make decision whilst she is unable to, whether in her present situation due to her lack of presence or, in the future, should she lose capacity

– Bernice will still be able to access the business bank account from abroad (depending on internet connectivity)

– The appointed Attorney will have physical access to the business bank accounts meaning that cash can be withdrawn, if necessary

– The appointed Attorney will have the authority to speak to financial institutions on Bernice’s behalf, if necessary

– The appointed Attorney will have the authority to sign cheques on behalf of Bernice or the business, if necessary

– The appointed Attorney will have the authority to deal with any insurance renewals that are due (especially if Bernice is unable to deal with these remotely)

– The appointed Attorney will have the authority to sign any documentation, legal or otherwise, on behalf of Bernice or the business

– The appointed Attorney will have the authority to deal with existing Service Level Agreements that Bernice has entered into, if Bernice is unable to deal with these remotely

– The appointed Attorney will have the authority to enter into any new contracts and Service Level Agreements

– Limited disruption to the business

Unfortunately, it cannot be assumed that your spouse/partner, or a family member, can just step up and make decisions when you are unable to, especially in relation to your business. You can therefore see how important it is (and how much easier!) to have an LPA in place giving the people that you trust the ability to make decisions for you when you are unable to.

From the initial call to the registered Lasting Powers of Attorney being delivered, the whole process (including home consultations to go through the Lasting Powers of Attorneys and any discussions with your proposed Attorneys) can be completed within three months. The Office of the Public Guardian (OPG) take around 8-10 weeks to process the application and so a three-month time period allows for the OPG to check and register the Lasting Power of Attorney and for us to receive this and deliver back to you ready for use.

When we deliver your Lasting Power of Attorney we will also give you information as to how the Lasting Power of Attorney can, and should, be used as well as answer any questions that you have.

 

If you would like to discuss putting a Lasting Power of Attorney in place to protect your business, call us on 01727 865 121 or email us at info@TotalLegacyCare.co.uk for a free discussion on how we can help

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