Lasting Power of Attorney in Singapore: A Comprehensive Guide for Singaporeans
As Singaporeans, we value being prepared for life's uncertainties. One essential aspect of future-proofing our well-being is creating a Lasting Power of Attorney (LPA). In this post, we'll delve into the world of LPAs, exploring what they are, why they matter, and how to create one in Singapore.
What is a Lasting Power of Attorney?
A Lasting Power of Attorney is a legal document that allows you to appoint a trusted individual, known as a donee, to make decisions on your behalf if you lose mental capacity. This document ensures that your wishes are respected and your affairs are managed according to your preferences.
Why Do I Need a Lasting Power of Attorney in Singapore?
Having an LPA in place provides numerous benefits:
1. Ensures autonomy: By appointing a donee, you maintain control over your life and affairs, even if you're unable to make decisions.
2. Reduces family burden: An LPA alleviates the emotional burden on loved ones, who may struggle with making decisions on your behalf.
3. Avoids costly court proceedings: Without an LPA, your family may need to apply to the court to appoint a deputy to manage your affairs, which can be costly and time-consuming.
4. Promotes peace of mind: Creating an LPA provides reassurance, knowing that your wishes will be respected and your affairs will be managed according to your preferences.
Who Can Be a Donee?
A donee can be anyone you trust, such as:
1. Family members
2. Friends
3. Professionals (e.g., lawyers, accountants)
How to Create a Lasting Power of Attorney in Singapore
Creating an LPA in Singapore is a straightforward process:
1. Choose a donee: Select a trusted individual to act as your donee.
2. Fill in the LPA form: Complete the LPA form, which can be downloaded from the Ministry of Social and Family Development Website.
3. Witness and sign: Sign the form in the presence of two witnesses, who must also sign the form.
4. Register the LPA: Submit the completed form to the Office of the Public Guardian.
Frequently Asked Questions
1. What is the difference between an LPA and a Will?: An LPA deals with decisions made during your lifetime, while a Will deals with the distribution of your assets after your passing.
2. Can I revoke my LPA?: Yes, you can revoke your LPA at any time, as long as you have mental capacity.
Conclusion
Creating a Lasting Power of Attorney is a vital step in taking control of your future. By appointing a trusted donee, you ensure that your wishes are respected, your affairs are managed according to your preferences, and your loved ones are supported. Take the first step today and create your LPA – your future self will thank you.