If you are a sole practitioner in a business, or are a partner or director in a company you might want to think about what would happen to your business should the worst happen to you.

Many professional standards require you to have provision in place to cover death, incapacity or extended absences – particularly relating to sole practitioners but obviously very sensible for others too.

One example of such professional standard is the RICS rules of conduct for surveyors. The principle equally applies to other professionals and business people such as financial advisors, estate agents, vets, doctors, and even solicitors.

The provisions would include having in place not only a sensibly drafted Will but also a suitable Lasting Power of Attorney.  Even if you have in place a Lasting Power of Attorney covering all of your affairs, it would be well advised to review it to ensure that any attorney is appropriately selected and qualified to deal with your business affairs.  It is unlikely to meet the requirements of the professional body to simply have in place a power of attorney appointing a spouse (unless the spouse was similarly qualified and experienced) and it is therefore something that needs careful thought and planning.

Oglethorpe Sturton and Gillibrand’s private client team can provide this advice and can also prepare Lasting Powers of Attorney specifically to deal with business affairs.  Speak to one of our experienced lawyers today at either our Lancaster or Kirkby Lonsdale office.

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