Planning for the unexpected: The importance of LPAs and Wills in business

Planning for the Unexpected: The Importance of LPAs and Wills in Business

Ward Williams is urging UK business owners to prioritise the creation of Lasting Powers of Attorney (LPAs) and wills to safeguard their enterprises against unforeseen circumstances.

Dipesh Parmar, a tax adviser and certified Will writer at Ward Williams, explains, "As accountants, we often see business owners focussed on immediate financial concerns, overlooking crucial long-term planning. LPAs and wills are not just personal matters; they're vital for business continuity."

Parmar highlights that without a proper business LPA, companies can face significant operational challenges if the owner becomes incapacitated. "Critical decisions and financial transactions may be halted, potentially causing severe damage to the business," he warns.

At Ward Williams, we recommend that business owners consider separate LPAs for personal and business affairs. "This approach allows for the appointment of attorneys with specific expertise for each role," Parmar advises. "For a business LPA, the chosen attorney should have the necessary skills to manage your company effectively."

Key actions Ward Williams suggests for business owners include:

  • Reviewing the business structure to understand LPA requirements
  • Creating a tailored business LPA with legal guidance
  • Updating company documents, if necessary, to accommodate an LPA
  • Establishing a personal LPA for non-business matters
  • Drafting a comprehensive will that addresses business succession

"The ideal time to put these measures in place is now," Parmar emphasises. "Waiting until a crisis occurs is often too late. Having the right documents in place provides peace of mind and ensures business continuity."

Ward Williams offers specialised services to assist business owners in navigating these complex legal and financial matters. "Our team combines accounting expertise with in-depth knowledge of LPAs and wills, providing a holistic approach to business protection," Parmar notes.

To further support local business owners, Ward Williams will be hosting a free Business Breakfast in Uxbridge for Business owners, supported by Hillingdon Chamber of Commerce on the 12th September 2024 titled "Securing your business legacy: Understanding LPAs and Wills". You can book your place here.

"We're committed to helping business owners protect what they've built," Parmar concludes. "With proper planning, you can ensure your business thrives, regardless of personal circumstances."

For more information please contact Ward Williams, Uxbridge office on 01895 236335, email enquiries@wardwilliams.co.uk or visit www.wardwilliams.co.uk

Will Writing, IHT, Personal Tax, Probate, Business Services

About the author

Dipesh joined Ward Williams in 2017 as part of an acquisition by the firm.  He started his career in taxation in 2001 as a trainee and is ATT qualified, a qualified Probate Practitioner and a qualified member of the Society of Will Writers. 

Dipesh has experience and has been involved with all aspects of taxation dealing with a wide range of clients including taxation of limited companies.   The experience gained to date has allowed Dipesh to fully understand the needs of the client and the outcomes they are looking to achieve.  He has the ability to work and communicate effectively with people on all levels within an organisation and to communicate effectively with the firm’s external clients and appropriate bodies.