Wills & LPAs for businesses

Planning for the Unexpected: The Importance of Lasting Power of Attorney (LPAs) and Wills in Business

At Ward Williams, we emphasise the critical need for UK business owners to establish Lasting Powers of Attorney (LPAs) and wills to protect their enterprises from unforeseen events.

Understanding the Importance of LPAs and Wills

Business owners often focus on immediate financial concerns while overlooking crucial long-term planning. LPAs and wills are not merely personal matters; they are vital for ensuring business continuity. Without a proper business LPA, companies may encounter significant operational hurdles if the owner becomes incapacitated. Critical decisions and financial transactions may be halted, potentially causing severe damage to the business.

Recommended Actions for Business Owners

To ensure smooth operations during unexpected circumstances, it is recommended that business owners take the following key actions:

  • Review Business Structure: Understand LPA requirements based on your specific business structure.
  • Create Tailored Business LPAs: Seek legal guidance to draft an LPA that meets your unique needs.
  • Update Company Documents: Modify any necessary documents to align with the LPA.
  • Establish Personal LPAs: Create separate LPAs for non-business matters to ensure comprehensive coverage.
  • Draft a Comprehensive Will: Address business succession in your will to safeguard your legacy.

The Right Time for Planning

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

Our Services

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

Commitment to Business Protection

Ward Williams is committed to helping business owners protect what they have built. With proper planning, businesses can thrive regardless of personal circumstances.

For more information or assistance, please contact us at 01932 830 664 or email enquiries@wardwilliams.co.uk

Specialists

Dipesh Parmar
Tax and Estate Planning Director