Latest news on dementia: Did you know dementia is the leading cause of death in the UK?

Yes, it’s true. When you hear about latest news on dementia, you tend to think it affects mainly the elderly but that’s not the case.

Adults as early as their 20’s, 40’s and 50’s are diagnosed with dementia in the UK. The number of people diagnosed with dementia will increase, and there is still treatment or cure for the disease.

Latest news on dementia for sole trader, company directors, partners and shareholders

Did you know if you are incapacitated by stroke or other mental illness, your family should not be making decisions about your business?

The consequence if you are deemed negligent means you could put the company at risk

First of all, your family may not have the skills, knowledge or experience. You could be deemed negligent if they make certain decisions.

Yes, surprising I know. Who makes decisions for you when you are ill or out of the country on holiday?

What if you were involved in an accident that leads to brain injury or you have Alzheimer’s or dementia and you can’t make certain business decisions or transactions? What happens then?

Accidents happen all the time, and you may be thinking you’re well and nothing would happen to you, but if it did? How could this impact your family and your business?

If you are a sole trader what happens to your business? If you are a company director in a partnership, if you are not there to make decisions- the other directors may not be able to make decisions for you!

How would it impact your business if you lose cash flow and customers?

What impact would it have on suppliers and users of your services if you can’t make decisions?

How would your employees feel not being paid for work they’ve done for you or their jobs at risk because you made the business vulnerable?

Think of the impact on your family, their health and well-being affected knowing your business could be at risk.

The list is not exhaustive, but just a few of the possibilities of what could happen and for you to think how would it impact you and the business.

Now imagine how you would feel having claims made against you because you failed to have the right protection.

Recent legislation changes require all business owners be up to date and compliant running their business.

Do you want to remain vulnerable and risk the possibility of being sued for damages? I didn’t think so. With the right safeguards in place, you can have peace of mind knowing you, your family and your business are protected.

Estate planning services in Nottingham

Do you want to keep your business flourishing and be compliant? If you do, please contact us. For your more information and your free consultation session with us call us today on 03332 12 20 51 or email mw@michaelwilliamsestateplanning.co.uk

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Disclaimer

The information in this blog has been prepared for general information purposes only. Views recorded are subject to change. It does not constitute any form of legal or financial advice.

No liability is accepted for decisions or actions you take reading the information on this blog. It is recommended that specific professional advice is obtained for your particular situation.

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