Powers of Attorney and Your Business

A common business set up is to have a husband and wife as the shareholders and directors of a company, either trading in its own right, or as the trustee of a trust. Another is that a husband and wife are only the shareholders and directors of a company. 

There is a power vacuum if something In the first example, there is a power vacuum if that person becomes incapacitated. In the latter, there is a power vacuum if something happens to both of them at the same time, e.g. a car accident.

The power vacuum can be avoided with a simple power of attorney from the company to a trusted attorney, which only comes into operation in the event of both directors dying or otherwise lacking capacity, in the first case, or both directors dying or otherwise lacking capacity, in the second case.

If you found this article helpful, please consider providing a Google Review and/or like us on Facebook and LinkedIn. For help with powers of attorney and other estate planning documents contact Michael Paterson & Associates (08) 9443 5383 | www.patersons.com.au

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Chat:
(08) 9443 5383

Correspond:
legaladvice@patersons.com.au

Coffee:
4/88 Walters Drive
Osborne Park
Western Australia 6017

Complete:
the form below…

Please provide your details...