Planning for the Future: The Essential Steps for Business Owners

By Adam Hawkes

In the bustling world of business, where the focus is often on growth, innovation, and the next big venture, it’s easy to overlook the fundamental personal safeguards that ensure the continuity and security of both your personal and business affairs. As a business owner, making a Will and a Lasting Power of Attorney (LPA) are two crucial steps that should not be delayed. These documents are not just about planning for the unforeseen or the inevitable; they are about ensuring that your legacy and the business you have built are protected and can continue to thrive, even in your absence.

The Importance of Making a Will

A Will is not just a document that deals with the distribution of your assets upon your passing; it is a tool that can have significant implications for the future of your business. For business owners in Shropshire, Shrewsbury, Telford, and beyond, a Will can offer the opportunity to specify successors, thereby avoiding any uncertainty or disputes. A carefully drafted Will ensure your share of the business goes to whom you wish to carry on your legacy.

As I have said, “A Will is more than a document; it’s a blueprint for the future, ensuring that your hard work and vision continue to impact the world, even when you’re not around to see it.”

A professionally drafted Will considers any Articles of Association to ensure that the wishes you have placed in your Will are compatible with your business so there are no surprises, disagreement or disappointment following your passing.

The Role of a Lasting Power of Attorney

While a Will covers circumstances following your death, a Lasting Power of Attorney (LPA) is essential for safeguarding your interests should you become unable to make decisions for yourself, or to sign business documents. There are two types of LPAs: one for health and welfare and another for property and financial affairs. For business owners, the latter is particularly pertinent. It allows you to appoint trusted family or colleagues to carry on your business seamlessly if you are incapacitated.

This is not merely about personal peace of mind; it’s about business continuity. In the vibrant commercial landscapes of Shropshire, Shrewsbury, and Telford, where businesses are often the lifeblood of the community, ensuring that your business can operate smoothly in your absence is crucial. An LPA can prevent operational paralysis, protecting your employees, your customers, and the reputation you’ve worked so hard to build.

Why Act Now?

The future is unpredictable, and while it’s human nature to avoid thinking about these things, the reality is that procrastination can lead to complications. Without a Will, the rules of intestacy apply, which may not reflect your wishes for your business or your family; without an LPA, should you become incapacitated, your loved ones may face lengthy and costly court procedures to be able to make decisions on your behalf.

Taking action now, means safeguarding not just your personal and business assets, but also the well-being of those who depend on you. It’s about making a responsible choice to ensure that your vision, your legacy, and the fruits of your labour are preserved and protected, according to your wishes.

In conclusion, for business owners, making a Will and a Lasting Power of Attorney are not tasks to be deferred until a later date, they are essential steps in ensuring that your business, your family, and your legacy are safeguarded, no matter what the future holds.  The documents are fluid and can be prepared to cover many eventualities, and even changed completely to evolve with you and your business.  It can be aptly put as follows, “By planning for the future, we secure the present and honour our past. Take action to protect all that you have built, ensuring that your business and personal affairs are in order, for peace of mind today and security for your loved ones tomorrow”.

If you are a business owner in Shropshire, Shrewsbury, or Telford looking to safeguard your business and personal interests, then contact our experienced Wills and Probate team today on 01952 403000.