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Consider acting early on granting power of attorney

Document Cited in Related
Vincent
Published date27 November 2021
Publication titleJournal, The
An LPA ensures there can be continuity within a business when the main decisionmaker is either temporarily or permanently unable to fulfil their usual role, that their wishes are known and understood, and that the information and knowledge required to keep operations going as they wished are available.

Who you choose to take on what is a sizeable responsibility, and the issues that you need to think about when reaching this decision demand very careful consideration, as they will have a significant impact on both the future prospects of your business and the life of the person that you ask to do the job.

The nature of farming businesses makes this task a particularly important process, as it's commonplace to find a farmer who is at or past the usual retirement age still running a farm, and it might seem natural for the responsibility to be passed to their spouse, grown-up children or other family members.

However, if they have chosen to go down a different career path and therefore know little about the workings of the farm, or they are living a long way away from home, are they going to be the right choice in practice, regardless of what morally might feel like the right thing to do?

Taking on the role of an attorney represents a very significant commitment, and the worst-case scenario would be for the person appointed to do so without a clear...

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