East Cambs estate planner urges directors to make sure they have business lasting power of attorney
- Credit: Archant
An East Cambs estate planner has urged company directors to make sure they have a business lasting power of attorney.
The Equality Act 2010 includes legislation against discrimination for having a mental illness or losing mental capacity.
It means that if you are a company director or business owner and lose capacity, you cannot be removed as a director by the other directors of the company.
Mark Taylor, managing director of Inheritance Legal Services, of Ely, said: The implications of this are serious and could have a major impact on the business.
“A director or owner who has lost capacity can and will still make company decisions (for better or worse) and have access to banking and financial decisions etc.
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“Many good businesses fail each year as no one has the power of attorney to keep the business running.
“A business lasting power of attorney can resolve this problem.”
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Mr Taylor added: “A sole trader and partners in business should also have attorneys appointed to act on their behalf, if they were unable to fulfil their role. This will allow the business to continue trading or to be sold if required by the attorneys.”
For more information, contact Mr Taylor on 01553 860123.