Local Ormskirk Business Owner- Case Study
How One Business Owner in Ormskirk Protected Her Family and Business Before Surgery
When Claire, a 55-year-old business owner in Ormskirk, came to us, she was facing a significant life event. As the sole owner of a successful local business and a single mother to two grown-up children, Claire was preparing for a major operation that would require a lengthy recovery. Understandably, she wanted to ensure her children and business were protected should anything unexpected happen during or after the procedure.
Claire’s Concerns
Claire had worked tirelessly to build her business over the years, and it was her primary source of income.
However, as the operation loomed closer, she realized she had no safeguards in place to manage her personal or business affairs if she was unable to do so herself. Her main concerns included:
- Her Children’s Future: Claire wanted to ensure her two children, Emily and Jack, would inherit her assets fairly and without complications.
- Business Continuity: As the sole decision-maker in her business, she worried about how it would operate if she became incapacitated.
- Legal and Financial Decisions: She wanted to appoint someone she trusted to handle her affairs if she couldn’t.
- Health Decisions: Who would make critical medical decisions if she was unable to do so herself?
Our Solution
After discussing Claire’s concerns, we developed a comprehensive plan to give her peace of mind.
- Lasting Power of Attorney (LPA) for Property and Finances
We recommended and set up an LPA for Property and Financial Affairs, appointing Emily and Jack as her attorneys. This allowed them to manage her personal and business finances if Claire was temporarily unable to do so - Lasting Power of Attorney (LPA) for Health and Welfare
Claire chose to appoint Emily and Jack as her attorneys for health and welfare decisions. This gave them the authority to make important medical and care decisions on her behalf if she lost the capacity to do so, including choices about treatments, living arrangements, and end-of-life care. - Advance Decision (Living Will)
Claire also chose to create an advance decision to specify her medical treatment preferences. This provided reassurance that her wishes would be respected if she were unable to communicate them herself. - Business Lasting Power of Attorney
To address her business continuity concerns, we created a Business LPA. This ensured her attorneys had clear authority to make decisions about the business, pay staff, and manage day-to-day operations during her recovery. - A New Will
Claire’s existing will was outdated, so we drafted a new one to reflect her current wishes. She wanted to leave her children equal shares of her assets, including the business, while ensuring they could sell or run the business without legal complications. - Letter of Wishes
To provide clarity and avoid potential disputes, we helped Claire draft a letter of wishes to accompany her will. This outlined her personal intentions, including sentimental gifts, and offered guidance to her children on what to do with the business.
The Outcome
With these measures in place, Claire felt confident going into her operation. She knew her children could step in to manage her personal and business affairs if necessary, and that her legacy would be protected no matter what the future held. Her children also felt reassured, knowing they had a clear plan to follow.
Could This Be Your Story?
If you’re a business owner, it’s easy to focus on the day-to-day running of your business and put off planning for the future. But as Claire’s story shows, life’s uncertainties can happen at any time.
Whether you’re preparing for surgery, planning for retirement, or just want to protect your family and business, we’re here to help.
Contact Hexagon Life Planning Services Ltd today to put your own tailored plan in place.
Don’t leave your business and family’s future to chance—secure it now.
