Protecting your business from the unexpected
Building and managing a successful business requires energy, commitment and focus. It can be all consuming, so it is perhaps not unsurprising that if you are involved in a business as an owner, or as a company director, you are so focused on building the business that you have given little thought to the possibility of the unexpected happening.
So, how would things work out if you didn’t make it home from your next critical business meeting or were left incapacitated by a sudden stroke?
Unfortunately, these things do happen - and not just to other people. So, if this happened to you, who would take responsibility for decision making in relation to your business? Who would have the authority to sign at the bank, ensuring salaries were paid and contractual obligations met?
On a personal level, who would be aware of where your online banking passwords are stored and have the authority to manage your accounts? How would the mortgage get paid? Who would determine where and how you would be cared for and what medical treatment you received?
A review of your affairs, with the assistance of expert professional advisers will ensure that the appropriate provisions are in place for when the unexpected happens.
Putting aside a couple of hours to take advice will make all the difference if tragedy strikes.
Lasting powers of attorney in respect of both your business and your personal finances can ensure the right person of your choice is immediately able to make decisions on your behalf. This way, you can make sure your business continues to operate smoothly and that you and your family are financially supported - without everything being put on hold whilst applications rumble through the Court of Protection.
A health and welfare lasting power of attorney will ensure that decisions relating to your care are made by those who know you best, rather than faceless medics and social workers. And if the news is the worst, an appropriately structured will will secure stability for your business and ensure that your family is properly provided for as well as securing maximum tax efficiency, in the event of your death.
Meanwhile, effectively structuring any life insurance and death in service benefits which might be payable, will ensure that maximum benefit is available to your family at a time when they need it most.
Life is for living and running a successful business is demanding. But pausing to put aside a couple of hours to take advice from specialist estate planning lawyers and financial planners who will review your circumstances and ensure that optimum arrangements are put in place, will make all the difference if tragedy strikes.
Surely, we all have time for that?