A leading Cardiff and Vale law firm has enhanced its services to help business owners plan for the future. Robertsons Solicitors is offering support with business lasting powers of attorney (BLPA), which can help prevent a firm from collapsing should the owner be unable to make decisions.
Ms Howell-Pryce said:
“A BLPA allows a business owner to appoint an attorney to make decisions about the company should they become mentally unable to do so. Many businesses have a crisis management plan for emergencies such as flooding, yet few think about lasting powers of attorney.
“Many of us appoint an attorney should we be incapacitated to make decisions in our personal lives, and it should be the same for your business. A BLPA can prevent, for example, a business bank account being frozen and ensures that contracts remain enforceable. This in turn can maintain your income and take away added stress from your family and dependants during a difficult time.”
A standard financial affairs and property lasting power of attorney (LPA) can be used to deal with a business, although it’s not always practicable to do so. For example, you may appoint family members as your attorneys, but they may not be the best people to manage your business affairs due to lack of business knowledge or expertise.
“A BLPA, therefore, can be the best course of action as you can appoint somebody who has the necessary skill and understanding in how to keep a business running,” added Ms Howell-Pryce. “Having a BLPA does not necessarily revoke a LPA and you can have the two running concurrently, provided the two are carefully drafted.”
Ms Howell-Pryce joined Robertsons earlier this year to head up its growing probate department and to expand its wills, probate and trusts service.