It is January and I am sure many of you like me are struggling to keep those New Year resolutions made so easily over the Christmas holiday but so much harder to keep when it’s cold and dark and chocolate and snuggling by the fire are so much more attractive a proposition than exercise and lettuce!
It is at this time of year as well that we set goals personally and for our businesses. This is the year I will buy a house, get married, move in with my girlfriend, set up my own business, take on staff for my business, move premises. All of these are major decisions and very time-consuming. It is imperative however that we take steps to ensure we are in the best possible shape for the big events of the year. In the same way we decide to get fit ready for a skiing holiday or lose a few pounds so swimming costume looks better at the beach we need to take steps to ensure our personal and /or our business affairs are in the best possible shape for the events to come in 2017.
As a law firm we would suggest you should consider:-
- When buying a house with a partner then do you need a co-habitation agreement and do you need wills. There are no rules of automatic succession for unmarried couples.
- If planning a marriage (or divorce) remember this will mean any existing wills are void and need re-writing.
- Are you hoping to start a family – in the unlikely but devastating event that something happens to you and your partner have you agreed who you would want to look after your children. Your will should contain agreed guardianship provisions for your children.
- What would happen if you were no longer able to make decisions about your health and financial affairs- do you have a lasting power of attorney to give someone you trust the ability to help you with these?
- Are you looking to expand your business – do you have a shareholders or partnership agreement governing what would happen if one of the business owners wants to leave, work less than the other or is incapacitated. What is one of you wants to sell and the others don’t or vice versa. A shareholders or partnership agreement put in place when you are all working from the same page can save lengthy and costly legal disputes later on.
- If you are looking to expand your business are your terms and conditions water-tight so that you can enforce if necessary. Do you have a process for pursuing debtors?
- Are you concerned that there is n-one to make decisions for your business if you were incapacitated for any length of time? Should you consider a business power of attorney so someone you know and trust has the authority to do what is necessary in such circumstances.
- We have all seen those ghastly adverts saying “Have you had an accident at work?” but are you confident your health and safety policies and training are up to date so you could evidence your responsible behaviour should the need unfortunately arise.
- Is your workforce expanding – do you need to put in place policies for sickness absence, disciplinary procedures, internet use, drug and alcohol testing?
Many of these matters involve things we don’t really want to think about – our own mortality and capacity, being let down by employees or business partners or customers, an accident in our factory or office. As responsible adults though we have to think about these things and make arrangements. We meet people all the time who work incredibly hard to provide for their families but don’t put the necessary paperwork together to ensure all that effort is protected in the event of their incapacity or death, who have massive business vision but don’t anticipate the day when one of their business partners wants to retire to the sun, who give their employees an amazing Christmas party but don’t have their health and safety policies reviewed. In the same way as we have our car put through an annual MOT then so we should put our business policies and procedures and our personal arrangements through a similar exercise of checks and in the same way that we plan for our summer holiday by checking our passport, having vaccinations reading the trip advisor reviews and pouring over guide book and maps then so before we make major changes for our business or personally we should do the research to ensure we have everything in order before we take the plunge and boldly go. Life is an adventure to be embraced with open arms but care and preparation.
At Jacksons we have the specialist advisors who will get excited with you about your plans and proposals but will also help you to realise these successfully by preparing thoroughly. Give us a call and together we can make sure that you make the most of all that 2017 has to offer but that your parachute will open if required!
