Protecting your family and business
A recent poll found that over two-thirds of adults in the UK have not made a will, and for those that have most of them were written over five years ago.
It is crucial that if you own assets, and especially if you own and run a business, you have a valid will, structured to maximise tax reliefs and safeguard assets for your loved ones. Your will should be reviewed every five years, or earlier if there have been any major life changes.
Not having a valid will could leave your family and business in a vulnerable position.
Another important document is a Lasting Power of Attorney (LPA), which enables you to choose trusted people to make decisions on your behalf should you not be able to make them yourself.
There are two types of LPA available – Property & Financial and Health & Welfare.
If you have a business, you may want different people to look after your business and personal affairs, so you would have two separate financial LPAs.
You may want different people to look after your business and personal affairs
Unexpected events happen which could mean that you can’t run your business for a short period (i.e. an unexpected hospital stay).
A business LPA means that your business affairs can be dealt with by the trusted nominee during this period and is safeguarded from risk.
Events of the last couple of months have shown us that you never know what is around the corner, so now is the time to make sure that you and your family are protected.
Our experts can assist with the structuring of tax efficient wills and can make and register an LPA for you.
- To read this feature in full and access further Lancashire business news, advice and analysis subscribe to Lancashire Business View magazine or join the LBV Hub from just £2.50 per month. Click here to subscribe now.