Who will run your business if you suddenly become incapacitated? Appoint a trustee in your living will.
Living will: security in case of incapacity
A living will allows you to authorize someone to act on your behalf if you are temporarily or permanently unable to manage your own interests (also known as "incapacity"). Authorizing someone is especially important for entrepreneurs, as it prevents both personal and business decisions from being left unmade if you become incapacitated. Without an arrangement, the court can establish a guardianship or curatorship to protect your interests. Such proceedings are only initiated if you are already incapacitated, and it takes time before someone is formally authorized to act on your behalf.
Entrepreneurial power of attorney
A living will can therefore include power of attorney for both personal and business matters. This depends on your situation. In a living will, an entrepreneur can grant power of attorney for, among other things:
With a sole proprietorship, you can often designate someone directly in the living will to manage your business affairs. Do you have a private limited company (BV), partnership, or general partnership? Then it's important that the power of attorney aligns well with the existing articles of association or collaboration agreements, otherwise things can still go wrong! An authorized representative cannot simply act as a director; separate rules apply. A civil-law notary can help coordinate this properly.
Go to the notary!
Do you want to ensure your business continues to operate if you are temporarily or permanently unable to work? And would you like to appoint a "trustee" who can keep things running temporarily? Take action. We can ensure that your living will and the provisions that apply within your business(es) are properly aligned. This will safeguard the continuity of your business.
Would you like more advice on this topic? Contact us. An initial (phone) consultation is free. To schedule an in-office meeting or video call, please call +31 (0)10 44 53 777. We look forward to seeing you.
This article is taken from 'Notariskrant', a product of FBN Juristen. This article should not be considered legal advice. FBN Juristen and MAES notarissen take the utmost care with the content of these articles but accept no liability for any incompleteness or inaccuracy of an article, nor for any consequences thereof.
A living will allows you to authorize someone to act on your behalf if you are temporarily or permanently unable to manage your own interests (also known as "incapacity"). Authorizing someone is especially important for entrepreneurs, as it prevents both personal and business decisions from being left unmade if you become incapacitated. Without an arrangement, the court can establish a guardianship or curatorship to protect your interests. Such proceedings are only initiated if you are already incapacitated, and it takes time before someone is formally authorized to act on your behalf.
Entrepreneurial power of attorney
A living will can therefore include power of attorney for both personal and business matters. This depends on your situation. In a living will, an entrepreneur can grant power of attorney for, among other things:
- the day-to-day running of the company;
- the implementation of existing agreements; and
- the performance of those acts which cannot be delayed.
With a sole proprietorship, you can often designate someone directly in the living will to manage your business affairs. Do you have a private limited company (BV), partnership, or general partnership? Then it's important that the power of attorney aligns well with the existing articles of association or collaboration agreements, otherwise things can still go wrong! An authorized representative cannot simply act as a director; separate rules apply. A civil-law notary can help coordinate this properly.
Go to the notary!
Do you want to ensure your business continues to operate if you are temporarily or permanently unable to work? And would you like to appoint a "trustee" who can keep things running temporarily? Take action. We can ensure that your living will and the provisions that apply within your business(es) are properly aligned. This will safeguard the continuity of your business.
Would you like more advice on this topic? Contact us. An initial (phone) consultation is free. To schedule an in-office meeting or video call, please call +31 (0)10 44 53 777. We look forward to seeing you.
This article is taken from 'Notariskrant', a product of FBN Juristen. This article should not be considered legal advice. FBN Juristen and MAES notarissen take the utmost care with the content of these articles but accept no liability for any incompleteness or inaccuracy of an article, nor for any consequences thereof.
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