FOR business owners, creating a lasting power of attorney (LPA) for property and financial affairs is a daunting task.
There are serious considerations which need to be taken into account to ensure that your chosen attorney can continue to carry on running your business.
For example – would you want to restrict your attorney’s authority? Or are you happy for your attorney to do anything that you would have been able to do?
Do the company’s Articles of Association contain a provision stating that a director will cease to be a director if they lose capacity? Do the articles only permit the directors, as a board, to appoint an attorney? Care needs to be taken to ensure that the LPA and the articles do not clash.
For help and advice in drawing up your LPA for property and financial affairs, please contact Jack Bailey, solicitor at Lamb Brooks LLP, on 01256 305587 or email him at jack.bailey@lambbrooks.com.
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