Protection from temporary incapacity for business owners
Some business owners are not adequately protecting their interests in the early stages. Most entrepreneurs are integral to the success of their business at the start up, spin out and first scale up stages. They are not easily replaced, employees are expensive to afford and an owner working for the growth of the business rather than remuneration is often an essential pillar on which the business stands. One area of protection available to key owners is to grant their fellow owners a Power of Attorney over financial company affairs. Powers of Attorney can always be revoked if trust is eroded. They protect the business if there is a short-term lack of capacity, arising for example from an accident or surgery, where decisions need to be made and documents executed. If the worst happens then there is no practical delay whilst shares are re-allocated and formalities completed. In addition to preparation of a will a financial power of attorney for a business owner is a key part of a business owner’s responsibility and of safeguarding their legacy.
Shutting down the rule of law
Will the Trump administration’s warnings to law firms in Washington DC impact their London branches? Large multinational law firms in DC have been “spoken to” by members of the Trump administration about what will happen to their business if they take on cases perceived to be harmful to Trump. It seems that the US President has taken note of Shakespeare’s advice to first neutralise the lawyers. Security clearance has been removed from some firms on President Trump’s list, rendering them unable to represent clients in sensitive cases. Vague terminology has been used to ban their employees from Federal Government Buildings where it would threaten “the national security of or otherwise be inconsistent with the interests of the United States”. This could result in lawyers being banned from courthouses if the Government deems them a threat. It remains to be seen how much this will impact on their London offices and whether advice will still be available to those critical of or deemed to be obstructing the interests of President Trump. Business clients have already started to remove their instruction from targeted firms. Will it have a significant impact on the London market?
Public protection for the bereaved and vulnerable
Public disquiet over lack of regulation in the probate sector continues to grow. With podcasts examining firms that have advised clients to grant Powers of Attorney to them benefitting from their assets will the Government intervene to protect the public? Many members of the public are not aware of the difference between a regulated and insured Solicitor and an unqualified and uninsured will writer. Firms of will writers are routinely applying for Grants of Probate on behalf of clients when in fact that work is unlawful. This firm has come across will-writing firms who routinely take on Restricted work, deemed such by legislation, when they hold no legal qualification whatever. Since these firms are unregulated there is nobody enforcing the law or protecting the public from these individuals. It is to be hoped that the growing unease amongst journalists and members of the legal profession about the lack of public protection for these vulnerable clients will prompt Government and regulatory action. It can’t happen too soon.
For further information on any of the issues in this month’s briefing please contact info@meedlaw.com. We are based in the Cotswolds, Chilterns London and Oxford but our clients are country and worldwide. With offices and Solicitors based in Moreton in Marsh, Oxford, the Chilterns and London, as well as the technology to enable us to accommodate your legal needs wherever you are.
