Why to use a lasting power of attorney in caseo of Property and busines?: If some day you are no longer able to look after your own financial affairs, due to such factors as an illness, accident or the onset of dementia, or if for another reason it would be more convenient for someone else to do so, you can use this document to give that power to another person, called your “attorney”. Once the power comes into effect, your attorney (or attorneys) will have the legal authority to act on your behalf in financial matters. Your attorney(s) will be able to use the document to act on your behalf as soon as it is registered, unless you specify otherwise in your LPA.

Why to use a lasting power of attorney for Personal welfare?: If some day you are no longer able to look after your own personal welfare, that is your social and health care needs, this document will give that power to another person, called your “attorney”. Once the power comes into effect, your attorney (or attorneys) will have the legal authority to act on your behalf in matters relating to your personal welfare, subject to any restrictions you make. Your attorney(s) will only be able to act when you lack the capacity to do so yourself, for example, if you are ill, unconscious or because of the onset of a condition such as dementia.

A lasting power of attorney for Personal welfare helps you to avoid probate.

When to use the Renunciation of probate: If you have been appointed an executor in a Will, and you do not want to act in this role, you can use this document to refuse your appointment. People often find, particularly after the death of a friend or relative, that they have been appointed an executor of his or her Will. They may have been unaware of the appointment and may not wish to take on the responsibility. However, even if they were asked in advance whether they were prepared to act as an executor and agreed to do so, they have an opportunity to change their minds.

Renunciation of probate is an important legal issue of the Probate.

Simple life interest trust for adult life tenant and family Concept: This document is intended to be a simple trust for the benefit of a single beneficiary and his/her family. The income of the trust fund is payable to the beneficiary (called the ‘life tenant’) for his/her lifetime. On the life tenant’s death, the income is payable to the life tenant’s widow or widower and thereafter both the capital and income of the trust fund are payable to the life tenant’s children in equal shares.

Simple life interest trust for adult life tenant and family are mainly used in the UK.

When needed, people ask lawyers for a formal, written revocation of a Living Will. It would be appropriate where the directions given and the views expressed in a Living Will no longer reflect the maker’s wishes, and the maker does not wish to substitute a new Living Will. If it is desired to substitute a new Living Will in place of the old, the Living Will precedent should be used instead, as it contains a clause revoking any previous living wills.

Revocations of a Living Will are not as widely used as Living Wills.

Concept of Living Will: ‘Living Will’ is a document that sets out your wishes regarding health care and how you want to be treated if you become seriously ill and unable to make or communicate your own choices. Your wishes can be either that certain treatment should not be provided in specified circumstances (and these wishes can be binding on medical staff), or that you should be treated or cared for in a particular way (these wishes are not binding on medical staff but should be taken into account).

Living Wills are often used in the US and UK.

How I can use a Civil partnership dissolution petition?: This document must be used to start dissolution or separation proceedings in England and Wales and is formally called a “petition”. A dissolution order brings a civil partnership to an end. A separation order does not have this effect, but does have the effect of relieving the parties to a civil partnership from their legal obligation to live together.

Civil partnership dissolution petitions are used in divorce procedures.

When to use a deed of variation of share of joint property passing by survivor?: If you owned a share of joint property with another person who has passed away leaving you their share of the property in addition to your own, you can use this deed of variation to give this inherited share to one or more people. It may be that you have no need for the inheritance, but have some other family member or friend who could benefit from a share of the property.

The deed of variation of share of joint property passing by survivor is not allowed in all jurisdictions.

The Declaration of trust relating to land is a document to be used if land, or property built on land, is in the sole name of one person and it is intended to give rights in the land/property to, or to recognise the rights in the land/property of, another person where a simple transfer of title may be inappropriate. This document is not suitable for use where land/property is held in the names of more than one person

Declaration of trust relating to land is only one option. You can see the declaration of trust relating to shares when a company owns the land.

Over the past several years, businesses that couldn’t spare the time to prepare for emergencies have learned a tough lesson: floods, fires and other disasters strike when least expected. Some of these companies have closed their doors for good; others will take years to rebuild. Don’t let your business become a statistic like one of them.

Here’s a short list to help prepare your company for emergencies.

Protect your records. If your business relies on hardcopy and electronic records to run its day-to-day operations, make sure those records are protected. Prioritize files, consider their vulnerability to damage from different types of disasters (earthquake, flood, fire, hurricane), and establish a plan to protect them. This might include raising computers above flood level, storing essential documents off site, and backing up electronic records by uploading them to a secure Internet site. Purchasing a fireproof safe for important hardcopy files, such as written contracts, also makes sense.

Check your insurance coverage. Make sure your business maintains adequate disaster insurance and other types of hazard insurance. Verify with your agent that the coverage is up to date and policy information is readily accessible in case of emergency.

Establish an emergency fund. An emergency fund is commonly recommended for individuals; businesses need one too. It’s prudent for companies to maintain an easily accessible account that could cover several months’ worth of expenses. If disaster strikes, you may need those funds to keep payroll flowing and ongoing bills current.

Communicate your plan. Let clients, suppliers, and employees know how your company expects to respond when different types of emergencies strike. As a side benefit, apprising them of your disaster preparedness plan will likely increase their confidence in your firm’s foresight and ability to manage risk.

Put it in writing. A wise business owner will document the details of his or her strategy for dealing with disasters, and will update that plan regularly. Without a written plan, the stress of immediate needs during a disaster may overwhelm even the best manager. A well-defined disaster preparedness plan can alleviate some of this stress and get the company back on its feet in a timely fashion.

You’ve worked long and hard to build your firm. Preparing for the possibility of disaster will help ensure that your investment is protected.