Guide to Lasting Powers of Attorney for Business Owners

What is an LPA?

Lasting Powers of Attorney (“LPAs”) are often wrongly perceived as something to be considered only by the elderly or frail. Many younger people would not think that LPAs might be useful for them, yet, sadly, incapacity can occur as a result of an accident, sports injury, surgery, medication or illness. In such an event and in the absence of an LPA, an application might have to be made to the Court of Protection for a Court deputy to be appointed to manage their finances and property. However, most people would prefer to nominate in advance who should look after their affairs for them and protect their best interests; someone who understands what their choices and preferences would be. This can be done by signing LPAs for property and financial affairs and also for health and welfare.

Please see our separate information leaflet about LPAs for the conduct of an individual’s personal care, welfare and finance.

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