Protect Your Legacy: Why Every Business Owner Needs a Will and Power of Attorney
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Why Do Business Owners Need Wills and Powers of Attorney?
Hello, and welcome to the You Can Podcast. I'm your host, Sarah Jolly Jarvis, and today I am joined by the very lovely Claire Sutherland, and we're gonna be talking all around powers of attorney and wills and things like that. And so I'm gonna let Claire introduce herself to you, and then we will get cracking from there. So fire away, Claire.
Hello, everybody. I'm Claire Sutherland from Claire Sutherland Wills and Trusts, and I specialize in making wills, trusts, and lasting powers of attorney simple for people. I like to take the complication out and make sure that people understand what's available to them to protect their business, themselves, their families, and just make it easy.
Okay, that easy sounds good. Because this is not a fun topic, is it really? Like this is not anything that anyone ever jumps out of bed and is excited for?
No, absolutely not. It kind of falls into that horrible area of things like insurance and boring things that you don't really like to spend money on. But it's the protection that it can give you, which is kind of similar to insurance, really, which It just gives you peace of mind, takes away stress. So, yeah, I get it's boring.
And sometimes you're kind of doing it, which is good, isn't it? I mean, it's good that you like it. I think sometimes it's more around for the people that you care around than it is for you, really, isn't it? Because obviously a lot of these things are looking at if you are no longer around or able to do what you're currently doing. So it is more around protecting those that you love, isn't it?
It is absolutely that. And I know we all like to think that the horrible scenarios are never going to happen to us. But unfortunately, you just never know what life is going to throw at you. So if you're prepared and if you've done everything to put everything in place for your children, for your loved ones, make sure that everything runs as smooth as possible, then it can take away so much stress at a really, already stressful situation you know if they're dealing with loss they're already suffering a lot of grief they don't want to have to deal with finances issues around business issues around personal so it really helps the ones that you leave behind really that makes sense that makes sense okay so what should a normal person so a regular everyday person what should they have in place as a sort of standard okay standard there are two things to have in place so a will
A will essentially, especially if you've got children under the age of 18, a will is going to allow you to say, if anything happens to the parents, who's going to look after those children? So that's really vital. It also allows you to say the assets that you own, where do you want them to go? You know, this is your choice. This is what you've worked all your life to build. This is your whole estate. Who do you want to inherit that? So a will is really, really important. You can upgrade a will by adding protective trust. So if things like protecting your children's inheritance against divorce settlements in the future, if things like securing the value of your home against care fees, if you need to go into care in the future are important to you, then you can put protective trust in that will. And there's so many benefits to that. The second thing that you should have is a lasting power of attorney.
Nobody likes to think of yourself going through accident or illness. which means that you can no longer make decisions for yourself, but these things happen. An elastic power of attorney is a powerful document. It means you are giving the legal right to somebody you love and trust to make decisions for you.
Are you okay? My name's Jade. I'm nothing.
Are you okay?
I might have to get myself some more water in a minute. It's always when I'm doing podcasts. Always. It's like, oh, the mic's out. Let's get coffee. Right. Carry on. Carry on.
So lasting powers of attorney give the legal authority to the people that you choose as attorneys. That might be your children. It might be your partner. It might be your sisters, your siblings. But essentially you're saying if I develop something like Alzheimer's, dementia, if I have a stroke, if I'm in a coma, if I'm in any situation that I can no longer act myself.
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