Who would actually be entitled to this share of the business?
Without a valid Will, the deceased’s share would be subject to the Laws of Intestacy and the person who inherits may not be the person you intended.
Would you or your business partner be content to run your business with your late business partner’s surviving spouse or their beneficiaries?
This could have a major impact on the running of the business. The value of the business may also be at risk following the death of such a key person.
Powers of Attorney
What If I am unable to manage my affairs?
You’d think a trusted relative would be able to manage your affairs if you were to lose the capacity to act independently. Not quite.
A Lasting Power of Attorney is the simplest and cost-effective way to empower someone you trust to act on your behalf to pay your bills and manage your savings & investments, whilst you try to recover.
With a Lasting Power Of Attorney, you can also entrust someone to make decisions regarding your personal welfare, such as the type of care and treatment you receive. Unfortunately, this does not automatically fall to your spouse or relative.
If you don’t act now…
The process to administer the affairs of your relative who has lost capacity would become considerably more difficult and expensive for you.
This is because you will have to apply for ‘Deputyship’ to the Court of Protection and provide an annual report of all the decisions you have made.
In terms of fees, this currently amounts to a £400 application fee, and a potential additional £500 fee if the Court decides you need to attend a hearing, and then up to £320 per year for general supervision. If you are a new Deputy, you will also need to pay a £100 assessment fee.
It makes sense to get an LPA, it’s less onerous and a lot cheaper.
Download our guide on Lasting Power of Attorney.
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