How long is it since you reviewed your Will? Indeed, do you have a Will?
There is also some basic information that you should be summarising to assist in the administration of your affairs in the unfortunate event that administration is required. This would relate to trade secrets of the business and agreements reached with key suppliers that might not be fully documented. Writing down many of the business issues will assist your successor in running the business.
It is very important that business people implement proper plans to ensure that, if something does happen to them, due to death or permanent incapacity, there is a structure in place that will enable the business to continue. We recommend that you consult your commercial solicitor for a review on these matters as part of an annual legal check-up.
As part of forward planning, business people should consider making an Enduring Power of Attorney.
An Enduring Power Of Attorney provides the documentation, relating to the appointment of a Power Of Attorney, to be enacted if the person subsequently loses their mental powers or is incapacitated.
Normally, an Enduring Power Of Attorney is made in favour of a spouse, relative or friend, and gives the power to act for you if you can no longer act for yourself.
If you require assistance in preparing documentation for an Enduring Power Of Attorney, please do not hesitate to contact us.