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Why Nominating a Power of Attorney is a Must for Any Business Owner

If you have not granted someone your power of attorney, you should look into doing so, especially if you own a business. Click here to find out why.

Power of Attorney - Image Pixabay

Many business owners are totally focused on the needs of their business, and rightly so. If you have built something from the ground up, you want it to thrive as much as you can. However, how many business owners can truly say that they know their wishes would be fulfilled if they weren't there? If you are uncertain how your employees would handle the business and your finances if you weren't there to control them, you need to select someone to have your power of attorney today.

What is the Power of Attorney?

The power of attorney is a legal right someone has to make decisions on your behalf. It can be granted to have control over someone's health and wellbeing but it can also be used to make financial decisions.

To give someone your power of attorney, you have to be in sound mind to prevent any manipulation taking place. You don't want to give someone your power if they are just going to use it for their own gain, and many solicitors won't grant the power of attorney if they aren't convinced it will be used correctly.

When it comes to business, you ideally want to give someone lasting powers of attorney as this means that your future is secure no matter what. Years will hopefully pass without the need for these powers.

Why Does a Business Owner Need It?

As a business owner, there are many things you need to take care of. You will have many assets tied up in the business which will need to be managed, and you may also have a family which you support through your profits.

If you are rendered mentally incapacitated by an accident or some other issue and you do not have someone with your power of attorney, the business may be dissolved. This would massively impact everyone tied to it and it also might not be your wish. By granting someone your power of attorney, you know that your business dealings will still be carried out in the manner which is most in line with how you think.

Pick someone you trust. It could be a business partner or it could be your spouse or child. Whoever it is, you have to be certain that they have your best interests at heart. That way, you know that your business will be in the safest hands possible.

Safeguarding for the Future

Giving someone your power of attorney does not equate to giving up any control of your business. So long as you remain healthy and happy to stay at the head of your company, you will still be the one in full control.

Consider a power of attorney to be more like a contingency plan. It may not ever be needed, but you will be able to rest easy at night knowing that your business and your finances will be taken care of if you fall ill. Don't delay, speak to your lawyer about arranging the paperwork to give someone your power of attorney today.

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