Have You Drafted a Power of Attorney?

Written by June Campbell

In these unsettled times, it'srepparttar sign of a smart business owner to expectrepparttar 119315 best but prepare forrepparttar 119316 worst. What will happen to your business if you are unavailable due to any circumstance? Perhaps you are a Reservist and get called into active duty, for example.

By drafting a Power of Attorney, you will be giving someonerepparttar 119317 legal right to look after your business affairs if you are unavailable, away, mentally incapacitated, or otherwise unable to make business decisions.

Just as many individuals postpone writing a will, many business owners avoidrepparttar 119318 step of drafting a Power of Attorney. Both appear to have a superstitious belief thatrepparttar 119319 act of preparing for potential problems will attract misfortune.

When we applyrepparttar 119320 clear light of reason, we all know that writing a will doesn't imply imminent death and drafting a Power of Attorney doesn't suggest we'll be unable to operate our businesses. Both are simply evidence of good planning.

What if an accident or an illness causes you loserepparttar 119321 mental capacity for a period of time? Without a Power of Attorney, your family, colleagues andrepparttar 119322 courts will be pitted against one another trying to straighten things out. Advance planning will minimizerepparttar 119323 problems that will arise later.

Alternatively, perhaps you are planning to be away from your business for an extended period. It's not something we like to consider, but inrepparttar 119324 extended absences of an owner,repparttar 119325 potential for employee fraud or theft increases. You want someone in charge who has your best interests at heart.

Naturally, you will want to consult a lawyer to discuss your unique situation. However,repparttar 119326 following considerations are likely to be applicable in most cases:

1. When you draft a Power or Attorney, you must be "of sound mind." Powers of Attorney can be revoked or modified, but again, you must be deemed to be of sound mind. Documents drafting or amending Powers of Attorney must be witnessed.

Insure Your Whole Business

Written by James Brown

A business requires so many types of insurance, you may think "just one more" means "one too many." There's Worker's Compensation and other liability insurances -- required by law. There's health, major medical, dental, vision -- vital parts of an adequate benefit plan. There's even "key personnel" insurance that pays if certain members ofrepparttar team are unable to work due to illness or injury.

And, now, there's a new twist called prepaid legal plans -- "courtroom insurance" you could call it. If you think that this isrepparttar 119314 "one too many," you are risking everything as certainly as you would if you dropped your current insurance.

The American Bar Association says: "Americans have come to view legal assistance as a necessity [and]repparttar 119315 best way forrepparttar 119316 majority of Americans to be able to assure themselves of legal assistance when they need it... is through a prepaid legal plan."

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