This isn’t just a ‘worst case scenario’ — it’s a very real risk that could have serious consequences for your business, your family, and your legacy.
What is a Financial Lasting Power of Attorney?
A Financial Lasting Power of Attorney (LPA) is a legal document that allows someone you trust to make financial decisions on your behalf if you become unable to do so due to illness, accident, or loss of mental capacity.
That includes things like:
- Accessing your bank accounts (Including joint accounts!)
- Paying business bills and staff salaries
- Signing contracts or authorising key decisions
- Managing property, investments, or tax affairs
Without an LPA in place, no one — not even your spouse or business partner — has the automatic right to step in.
What Happens If You Don’t Have an LPA?
Let’s say you have a serious accident or fall ill and are unable to make decisions for several months. If there’s no LPA in place:
- Your business bank account could be frozen — meaning salaries, suppliers, and tax payments go unpaid.
- Your business partners or staff may be powerless — legally unable to make key decisions or take action on your behalf.
- Your family could face long delays — applying to the Court of Protection to gain the authority to act, which can take 6–12 months and cost thousands in legal fees.
- Your business could grind to a halt or even collapse — simply because no one had the legal authority to keep things running.
It’s not dramatic — it’s just the reality of how the system works. And sadly, I’ve seen it happen.
The Good News: You Can Put This in Place Now
The good news is that setting up a Financial LPA is straightforward — and one of the most important steps you can take to futureproof your business and protect your family.
To make the process easy and accessible, I’ve partnered with some brilliant advisors, who specialise in LPAs they take away all the jargon and make sure the cover you have in place is fit for you, your family and your business giving you and your partner/spouse the option to put both health and financial LPAs in place for a fixed, transparent cost.
Why I Recommend using one of our approved advisors:
✅ They offer a fully guided service — no confusing forms or jargon
✅ You get access to qualified estate planners who understand business owners
✅ Their service is fast, efficient, and fully insured
✅ I use them myself and trust them with my clients
Final Thought
You insure your premises, your equipment, your income. But this is one area many overlook — until it’s too late. Putting a Financial LPA in place is one of the simplest and most powerful ways to protect everything you’ve worked so hard to build.
Contact us if you would like to know more about this topic here.
