Ride into later life with confidence

It is never too early to start planning for later life. Whether it is ensuring you have a good company and/or private pension or growing your pot of savings to enjoy life in your autumn years, planning for later life is essential to ensure that you can continue to live a healthy, comfortable life.

One important part of later life planning is having a lasting power of attorney (LPA). Not sure if you need one? Derrick Howard AffSWW, of Assured Wills, has the following advice to help you make an informed decision:

Lasting power of attorney –who needs one?

Everyone (almost)!

A lasting power of attorney (LPA) is a crucial legal document that allows a person to appoint a trusted individual, known as an attorney, to make decisions on their behalf if they are no longer able to do so. For business owners, it’s essential to understand the distinction between a personal LPA and a business LPA to ensure all aspects of their life are protected.

A personal LPA for property and financial affairs is designed to manage your private assets. It grants your chosen attorney the authority to handle your personal bank accounts, pay household bills, and manage your private investments.

For business owners, whose personal and professional finances are often intertwined, this document is vital. Without it, a sudden loss of capacity could freeze your personal funds, creating stress and financial hardship for your family.

A business LPA, on the other hand, is a specific type of financial LPA focused on your commercial interests. It’s tailored to the structure of your business, whether you are a sole trader, a director, or a partner. This document empowers an attorney to make critical business decisions, such as paying staff and suppliers, signing contracts, and managing company bank accounts.

Without a business LPA, your company could face operational paralysis and financial chaos. The lengthy and expensive process of applying to the Court of Protection