Power over property

My client is a family-run partnership consisting of husband and wife daughter and son-in-law who run a retail business.

Included within the balance sheet is a property that was originally occupied by the partnership for the purpose of their trade but which for the past twelve years or so has been let out as a commercial letting.

The property remains on the business balance sheet albeit as an investment.

The two parents are now of advancing years but are still involved in the trading partnership. The father has now been diagnosed with a progressive form of dementia and his lawyers have advised that he should get his affairs in order.

To this end he intends to grant power of attorney to his daughter to deal with his affairs although it is his intention to remain as a partner in the trading business (albeit to a...