We are helping five owners/directors of an unlimited private company operating one of the UK’s oldest banks, in relation to their business Lasting Powers of Attorney (LPAs).
The business LPAs will allow the owners/directors to appoint each other to act and continue running the business if one were to lose mental capacity. Historically, the position was that the owners would be removed from the bank if any of them lost capacity – but putting LPAs in place will enable important succession planning.
We are working closely with our Band 1 ranked private wealth team to ensure that the governance of the business allows for LPAs to be put in place.
