Losing mental capacity and Lasting Powers of Attorney
You are responsible for many different crucial functions in your business. Who would carry out those roles if you lost your mental capacity? What legal authority would they have to do so?
Who can spend the money in your savings account, and who can keep paying the bills at home?
It’s quite a responsibility you have, and it’s really important to have a Lasting power of Attorney in place so that, if you lost your capacity (even temporarily), things can carry on in your absence. Without an LPA, your assets will be frozen for at least 5 months while your family apply to the Court of Protection. Who would want that?
LPAs are important for everyone, but they’re crucial for business owners.