A Lasting Power of Attorney (LPA) document allows you to appoint the people you trust to manage your affairs if you can no longer do so yourself.
There are two types of LPA, one for Property & Financial Affairs and one for Health and Welfare.
For more information on these click here.
But what happens when you have a business?
The people you nominate and trust to manage your personal affairs and finances may not be the same people who you would want to manage your business affairs. This may be simply because they do not have as much knowledge of the business; or they may not have the time to manage the business and you do not want them to have to worry about it.
Therefore, you may wish to consider creating two separate LPAs. They would both be for Property & Financial Affairs but they would include preferences and instructions to control what the attorneys can manage.
For the first LPA you may appoint the people you wish to manage all of your personal finances and affairs. The LPA can be restricted to personal finances only and exclude all business affairs.
In the second LPA, you can appoint those who have knowledge of your business or the time to manage it. This LPA can be restricted to business affairs only and exclude all personal finances.
You may wish to appoint the same attorney in both your personal LPA and your business LPA but you may wish for them to act with different people.
If you would like to meet with one of our Consultants to discuss any of the issues raised in this article or any other Estate Planning topic please telephone 01732 868190 or click here.