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Attorneys that Last

There are two types of lasting powers of attorney (LPAs) dealing with either property and financial affairs or health and welfare.  However, if you are thinking of appointing an attorney regarding your property and financial affairs, to what extent do you want your attorney to deal with your business assets and also deal with your personal finances?  If you are a sole trader or a shareholder in a company, what happens to your business interests if you lose mental capacity or the ability to deal with your finances? 

Do you want the same people to deal with your home finances as your business affairs?  In the same circumstances, would you want your business partners or directors to appoint the same people to deal with their personal assets as deal with their business interests?  What sort of powers do you want your attorneys to have? Your attorneys need to be able to step in and carry on your business affairs as if they are you.  They need to be able to give confidence to your customers, your bank, your creditors and your staff that your attorney can keep the business ticking over or at worst prevent matters going wrong simply because you can’t deal with your business property and financial affairs.  The LPA document needs to include specific powers to ensure that your attorney has the freedoms and perhaps the controls required to deal with your business.