One of the most rewarding aspects of advising clients is knowing that we have helped them to plan for today and tomorrow.

 

One of the hardest parts is knowing a client needs our help, but doesn't want to admit it.

 

We don't mean that in a critical or arrogant way, but there are certain things in life that human nature ordains we would prefer not to think about, the consequences seem either too distressing or confusing to consider. That is when we really have to earn our keep.

 

Consider this; successful family business, maybe employing a handful of people. You are the key employee with most of the skills, yet everybody else's livelihood is dependent upon you. You have an accident or fall ill suddenly meaning nobody knows when or if you will return to work. Terrible for you, undoubtedly, but what about your staff, some of whom may also be family members, are they now out of a job?

 

What if you hadn't appointed a deputy or worse still too many cooks think they can fill your shoes? What will be the impact on the business and will you still have a business to return to?

 

The easy retort that you don't need to worry as the business will pay to support you whatever happens, may simply not materialise if the wrong people are running your business in your absence.

 

A couple of simple steps could avoid such mayhem and bring you, your family and your staff peace of mind at the most chaotic of times.

 

Insuring your life in the event of injury, incapacity, critical illness or worse of all death, is neither expensive nor complicated, but provides financial support when you need it most. These types of plan can also protect your dependants should you or they wish to sell your stake in the business - without formal instructions in place, your estate could be usurped, thus rendering years of hard work pointless.

 

A simple Power of Attorney allows you to nominate the person(s) who you wish to look after the business in your absence, ensuring you retain control over selecting the most suitable person for the role, thus giving you peace of mind that the business is in safe hands and your staff will be looked after.

 

Powers of Attorney are often dismissed by younger clients as unnecessary and only suitable for older clients - this impression is short sighted when you consider the possible problems you or your family may encounter should anything happen to you.

 

None of us can predict the future, all we can do is help you plan for whatever comes your way and no matter how difficult the prospects, we take up the challenge of helping our clients to face their fears and realise the value of a small price to pay for a lifetime's peace of mind.

 

If you run a business and wish to discuss your options in this area, please contact me at kieron.brace@msfs.co.uk