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Protect your business in case of serious illness

If you’re the proprietor of a business and your health is under threat from serious illness, you may realise that your business establishment is also under threat. You need to protect your business from all kinds of threatening circumstances, and serious illness is one of them.

Making a will is just one aspect of ensuring that your business will be safe in case the worst happens. There are a number of things you’re going to have to consider; this article seeks to help you figure out some of the basic things.

Power of Attorney

If your illness has rendered you incapable of making decisions or taking care of business, you’ll want to grant certain trusted individuals, whoever they may be, the lasting power of attorney.

This legal document can be obtained from most law firms; you could get a [Co-Op power of attorney](http://Co-Op power of attorney), for instance. Should you die prematurely, these appointed executors will step in and take the reins of the business and run it according to your instructions and wishes.

They will run things while you are recuperating, and once you are ready to return, they will then step down.

Are you self-employed?

If you’re self-employed and run your own business, you’re also going to have to think about things like any joint business bank accounts you might have, or shares in your name that need managing.

A power of attorney again will help you out here by allowing your appointed executors to handle business while you’re away. Whether you own a business or you’re self-employed to any degree, a power of attorney could be a very helpful legal arrangement for you.

Communication is key

Communicating your plans and your health matters to your colleagues and family is key in times like these. By hiding certain things from people, you are creating opportunities for pitfalls to happen.

From the outset, let everyone know what your situation is like, and how you intend to go about it. If you want to get your family involved in running the business, you should talk to them first to find out if it’s something they’ll be happy doing, rather than forcing it upon them.

Through communication and discussion with your family, you’ll determine who is unsuitable, and you’ll perhaps find out who’s got hidden talents.