Often the most appropriate attorney will be another director or partner within the donor’s firm.
There are other cases, though, where an independent person, such as a solicitor or accountant, is better placed to represent the donor’s interests.
One such situation might occur where the donor is a director of a family business in which the other shareholders have conflicting priorities.
Another point that might sound obvious is to think about the age of any attorney. It rarely makes sense to appoint an attorney who is likely to retire, or lose capacity themselves, before the donor.
The business LPA should be reviewed regularly in case the needs of the donor or the business change over time.
Selecting a solicitor
A business LPA is a complex, bespoke document that requires a deep understanding not only of private client matters but also company, commercial and employment law.
It cannot be written in a vacuum and needs to work commercially as well as legally.
A good business LPA can be prepared by a law firm whose different departments work together effectively.
The lead solicitor also needs to be able to gain a deep understanding of the client’s personal and commercial priorities.
A good start is to look for a member of the Society of Trust and Estate Practitioners (STEP).
However, this is only a start: the client needs to be satisfied that the law firm they appoint is as competent commercially as it is in matters of private client law.
Chris Burrows is head of private client at Glaisyers Solicitors
www.glaisyers.com