Pandemic reveals need for businesses to prepare for the future

Lasting Power of Attorney

The Covid-19 pandemic has brought home just how important it is for businesses to be a step ahead and prepared for an emergency.

Firms have been working tirelessly since the virus first struck to limit the impact the outbreak has on business – reducing the numbers of staff in an office at one time, taking advantage of flexible home working and cleaning work spaces regularly to name just a few.

But what happens if the business owner or their family were to develop symptoms and be out of action for a long period of time?

Many people are aware of a Lasting Power of Attorney (LPA) – where you can appoint someone you trust to look after your finances if anything were to happen to you  – but most do not know you can do the very same thing for a business.

A Business LPA allows company owners to identify who they wish to take over the running of their firm and who will make the big decisions on their behalf while they are away – from settling bills and signing cheques, to servicing loans and paying salaries.

Although a business owner may have someone in mind, without proper legal documentation that person would not be able to take on the role.

Confusion over who will adopt the daily running of the company could prove time consuming and costly to the company, putting it at risk.

This year’s worldwide pandemic has made LPAs for business even more important - the virus is highly contagious and can lead to a long absence from work if contracted.

A Business LPA gives company owners the peace of mind that someone trusted and reliable can take the reins.

It is advised an LPA is drawn up alongside a will, to ensure a smooth transition in the case of an emergency.

Will Aid 2020 launches in November and is the perfect time to get it done.

Hundreds of solicitors across the UK are taking part in the campaign, waiving their usual fee and instead asking for a donation to the campaign.

The money raised goes to support nine of the UK’s most-loved charities.

If you would like to have your will written through Will Aid, you can find your nearest participating solicitor and book an appointment here: https://lookup.willaid.org.uk/