A general property and financial affairs LPA allows the donor’s attorneys authority over all of the donor’s property and finances. This ordinarily would include any interest that the donor has in a business. However, the donor’s chosen attorneys may not have the relevant skills or knowledge to deal with their business affairs and it may … Read more Business LPAs
When taking instructions from a client with a business, it is important to both fully understand how their business is held and what their plans are after they have died. Depending on the structure of the business, there may be certain restrictions on how the business can be left after their death. Sole Traders A … Read more Business Succession Planning
Following on from the article last week, this article will cover the remaining conditions that must be met for a business to qualify for business property relief (BPR). Please note that the following should only be intended as a brief introduction to BPR. BPR is a complex area with several pitfalls. When it comes to … Read more Business Property Relief (Continued)
Clause 4.8 of the STEP Provisions (second edition) contain limited powers to allow the trustees to carry on the trading of any business interests which the testator may have at death. Where the testator was a sole trader, through these provisions the trustees have an implied power to continue the business in order that it … Read more Powers to Carry on a Business
Commercial LPA Many business owners, partners and directors may not consider what would happen to their business should they be unable to make decisions for their business in the case of their mental incapacity, or if they plan on leaving the country for a long period of time. The answer could be an LPA. For … Read more Commercial LPAs. What they are and what they do!