Planning on Setting Up Lasting Powers of Attorney? There are New Forms

In a previous article we have discussed why someone would want to set up Lasting Powers of Attorney as well as a few basic types of LPAs. (What is a Lasting Power of Attorney and why do I need one). We have also discussed the importance of LPAs for Business in the article Business Lasting Powers of Attorney – could your business run without you? In July 2015, the Office of the Public Guardian, who deal with Lasting Powers of Attorney, introduced new forms to replace the existing forms, which were seen as difficult to use. The old forms could
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What happens to your business when you’re gone? – Business Succession Planning

At the beginning of 2015 there were an estimated 5.3 million small or medium sized businesses in the UK. It is therefore very important that business owners create an effective Business Succession Plan to protect their business and decide what happens to their business in the event of their death or should they no longer be able to manage their own affairs. Business Wills For business owners a simple Will is probably not sufficient. In that case, a more comprehensive Business Will is more appropriate in dealing with their specific business assets. A business owner may wish to appoint separate
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Business Lasting Powers of Attorney – could your business run without you?

Are you a freelancer, sole trader or small business owner? If yes, have you thought about what would happen if you were suddenly not able to make decisions for the day-to-day running of your business, say through accident or severe illness? Many small business owners believe that their spouse or employees could simply take over until the crisis has passed but without a Lasting Power of Attorney in place this would not be possible. A Business Lasting Power of Attorney or Business LPA is a legal document in which you can nominate between 1 and 4 people to have the
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What is a Lasting Power of Attorney and why do I need one?

Imagine you have a joint account with your partner and he or she is unable to manage money due to something like dementia. Should this happen, the bank can freeze a joint account making it impossible for you to access any of your money. This could be disastrous in the short time and involve a very lengthy and costly legal process to get the bank to allow you to use the funds in the account. The same would be true if you needed someone else access to your account should you lose your mental capacity and are no longer able
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