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A Lasting Power of Attorney (LPA) is a legal document that permits you to designate one or more people (referred to as "donees") to decide on your behalf if you lose mental capacity.
Why you need a Lasting Power of Attorney
When planning for the future, especially during times of uncertainty, one often overlooked but essential document is the Lasting Power of Attorney (LPA).
Whether you're a young professional in Singapore, a parent, or a retiree, having an LPA is a crucial step in ensuring your wishes are honoured, and your loved ones are taken care of should you become unable to make decisions for yourself.
In this comprehensive guide, we'll share what a Lasting Power of Attorney is, why it's significant, and why you should consider having one in place.
What is a Lasting Power of Attorney (LPA)?
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These decisions can pertain to your personal welfare, property and financial matters, orboth, depending on the type of LPA you choose to create.
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LPAs are not exclusive to older adults or those with severe medical conditions. They are valuable for anyone over 21 who wants to ensure their wishes are respected, and their affairs are managed if they lose mental capacity due to illness, accident, or other reasons.
What are the advantages of an LPA?
Ensure your wishes are honored
The primary advantage of having an LPA is that it enables you to designate someone you trust to make decisions in line with your values, beliefs, and preferences. Without an LPA, important decisions about your healthcare, finances, and personal welfare may be left to legal authorities, which may not align with your desires.
Avoid legal complications
Without an LPA, family members and loved ones may face complex legal processes and lengthy court proceedings to obtain the authority to decide on your behalf. An LPA streamlines this process, making it easier for your chosen donees to step in and act promptly.
Empower loved ones
Creating an LPA ensures your wishes are followed and empowers your loved ones to act on your behalf when needed. It can relieve them of the emotional and financial burdens that can arise without clear legal guidance.
Peace of mind for you and your family
Knowing that you have an LPA provides peace of mind for you and your family. It eliminates uncertainties and ensures that your affairs will be handled according to your preferences, reducing stress during challenging times.
Safeguard your financial interests
With a financial LPA, you can protect your assets and investments. Your chosen donee can manage your finances, pay bills, and make necessary financial decisions to safeguard your well-being.
Ensure proper care and treatment
A personal welfare LPA allows you to specify your healthcare preferences and the level of medical treatment you desire. Doing this ensures that your healthcare decisions are respected, even if you cannot communicate them yourself.
LPA for Property and Affairs
This LPA grants your chosen donee(s) the authority to manage your financial matters, including property, investments, and bank accounts.
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LPA for Personal Welfare and Healthcare Decisions
This LPA gives your appointed donee(s) the power to make decisions regarding your welfare, including medical treatment and living arrangements.
Are you eligible for an LPA?
To be eligible for an LPA in Singapore, you must meet the following criteria.
- Be at least 21 years old.
- Have mental capacity at the time of creating the LPA.
- Be aware of the nature and purpose of the LPA.
- Not be an undischarged bankrupt (for property and affairs LPA).
Who can issue an LPA?
You, as the donor, have the authority to issue an LPA. However, there are specific requirements for witnesses and certificate issuers.
Witnesses must be at least 21 years old, have mental capacity, and not be adonee or replacement donee of the LPA.
A certificate issuer must be a practising lawyer, registered medical practitioner, or psychiatrist who has assessed your mental capacity and is satisfied that you understand the nature and implications of the LPA.
Lasting Power of Attorney
FAQs
How long does it take to create an LPA?
The process of creating an LPA takes several weeks. It includes completing the necessary forms, obtaining the required certificates, and registering the LPA with the Office of the Public Guardian in Singapore.
Can I change my LPA after it's been created?
Yes, you can amend or revoke your LPA at any time, as long as you have the mental capacity to do so. Reviewing your LPA periodically to ensure it reflects your current wishes and circumstances is essential.
What happens if I do not have an LPA in place?
Without an LPA, the court or authorities may make decisions about your welfare and finances, which may not align with your preferences. This circumstance can result in delays, legal complications, and stress for your loved ones.
Can I have multiple donees in my LPA?
Yes, you can appoint more than one donee and specify how they should make decisions together (jointly or jointly and severally). Choosing individuals who can work together and act in your best interests is crucial.
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