Business Lasting Powers of Attorney Guidance Alex Truesdale Wills In Cobham Surrey

Business Lasting Powers of Attorney (“BLPAs”)

Business Lasting Powers of Attorney: what business owners and their attorneys should know when creating BLPAs over business, as opposed to personal, finances and decisions.

Alex Truesdale Wills Limited: A professional Will writing and estate planning service based in Cobham, Surrey and serving clients nationwide across England and Wales.

Call: 07887 946557 to discuss any queries you have with Lasting Powers of Attorney, your Will or for any estate planning needs.

BLPAs – Business Lasting Powers of Attorney

Business Lasting Powers of Attorney: what business owners and their attorneys should know when creating BLPAs over business, as opposed to personal, finances and decisions.

Alex Truesdale Wills Limited: A professional Will writing and estate planning service based in Cobham, Surrey and serving clients nationwide across England and Wales.

Call: 07887 946557 to discuss any queries you have with Lasting Powers of Attorney, your Will or for any estate planning needs.

Many of us have business interests, whether as:

Directors and shareholders of limited companies;
Partners of partnerships;
Members of limited liability partnerships; or
Sole traders.

In each case business owners rely significantly on them for their income. And those working for, or with, us rely just as heavily on their employer’s health and continued operation.

Changes in the law brought about by the Equalities Act 2010 now make it unlawful to remove a director/partner from their role on the ground that they have lost capacity through accident or illness. This raises very serious concerns for business owners.

Moreover, a director or partner does not have to suffer a serious accident, become depressed or suffer a stroke to incapacitate themselves; a missed plane or other travel difficulties could prevent them from being physically capable of performing a task on behalf of the company or partnership in a timely manner that could lead to serious disruption or financial loss.

To protect your interests, and those of your business, you should consider making a Business LPA.

It is theoretically possible to have just one LPA appointing the same attorneys to manage your personal assets and your business assets. However, it may not be appropriate for the same person to make both personal and business decisions, due to a potential conflict of interests or because they are not appropriately qualified.

You could consider making one LPA appointing certain attorneys to manage your personal assets, and others to manage your business assets. But bear in mind that this could create confusion regarding the scope of the attorneys’ powers, and the Office of the Public Guardian might then reject the LPA.

Fortunately, it is possible to make more than one LPA, and so business owners can keep their business affairs separate from their personal affairs. Each LPA should be drafted professionally so as to separate effectively their scope and jurisdiction.

What Happens If I do not Make a Business LPA?

If you’re unable to make business decisions in the future and have not made a BLPA, it may become necessary to make an application to the Court of Protection for the appointment of a deputy to act on your behalf.

ο The process can be expensive, and there is no guarantee that the Court of Protection will select as Deputy someone you would have chosen.

ο It could take more than six months before a Deputy is appointed, during which time your business may be vulnerable and at risk.

ο To avoid disruption and loss, a BLPA should be part of any business owner’s continuity plan and crisis management strategy.

Our Service

We have partnered with a leading law firm to offer a holistic business legacy planning service, examining your business’s founding documents to assess areas of risk, advising on capacity and legacy matters, and putting in place documents such as Business LPAs, cross option agreements and shareholder/partnership agreements to secure your business against interruption due to incapacity or death. Please call us for further details.

Client Testimonials

“The support Alex gave me and my husband after our Wills and LPAs were finalised was second to none especially as he was diagnosed with a terminal illness a few months later. This ongoing support, advice and bringing in other specialists to assist was outstanding and I felt that we were in very good hands and would continue to be when the inevitable happened.
After my husband died, the comfort of knowing all was in order with the Wills was a great relief and her help in the immediate aftermath was much appreciated. It wasn’t just the professionalism but the genuine concern for my situation and that of the family. Alex then continued to guide me through the process and through some pretty complicated issues relating to the estate administration. She always responded to my copious emails and phone calls with clarity, efficiency and care.
The whole process was dealt with in a timely manner and to a very high standard and I felt that I was being looked after like one of her own family.
I can’t recommend Alex highly enough – a very talented professional dedicated to her work with a heart of gold.”

JD, July 2020

“We would like to thank you for your professional help in getting us to a point of having signed Wills after many years of procrastination. Not only that your advice gave us the impetus to arrange a Civil Partnership and we now feel that we have got at least some of our affairs in order in these worrying times.”

KB, September 2020

“Very clear explanation of what the options and implications were for us. It was also good to have someone focused on the end result we had to get to, as it’s very easy on your own to leave to another day.”

EM, September 2018

“Thank you again for helping me sort out all our Wills and the funeral plan for my godmother. I cannot believe how timely that was bearing in mind today’s situation. Only good news from her care home so far, but to know that resources are there to help the staff directly if the worst happens certainly gives me peace of mind.”

SC , May 2020

“I have known Alex Truesdale for over 6 years, during which time she prepared Wills and Lasting Powers of Attorney for my sisters and assisted us in the administration of my sister Elizabeth’s estate after her death in 2018. I testify to her attention to detail, her knowledge and experience in her work and the warmth of her communications whether by letter, by telephone or in person. She responds to us quickly and we have full confidence in what she does on our behalf and on her advice on various aspects. She has a good network of people when particular advice is needed beyond her field of expertise or training. She became a friend to us as a family. I gladly recommend her services to others.”

KH, July 2020

“After many years putting off writing my Will I finally entrusted Alex Truesdale with the task of compiling it for me and my family. My main wish was to pass my estate on to my son, and have guardianship put in place, should the worst happen before he came of age. Alex guided us through the difficult and emotional process with the utmost professionalism and put us at ease from the outset. She was able to address all of the issues we put to her and brought up many we had not considered regarding our estate.
“As we were about to travel abroad, we were also on a very tight schedule for the wills to be drawn up and signed. Alex went above and beyond to make sure everything was in place for us in the allotted time, even to the point of being personally on hand to instruct ourselves and our witnesses during the signing procedure.
“In using Alex Truesdale Wills, we now feel totally secure if the worst should happen our affairs are in order. We will be continuing to draw on her knowledge as and when our wills need updating in the future and are delighted to recommend her first class service.”

BW, May 2018

“Alex arranged an appointment for my husband and I to update our Wills in view of a change in family circumstances. She was organised, efficient and extremely sensitive to our needs. We discussed advance directives and lasting powers of attorney in-depth – things we had only considered in vague terms previously but realised how intelligent it was to sort them out early.
“I cannot fault Alex’s professionalism and caring attitude, and will be recommending her service to my friends and colleagues.”

SM, September 2019

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