Deciding to make a Lasting Power of Attorney (LPA) is a crucial step in planning for your future. So, what should you do if you decide to make a Lasting Power of Attorney in Singapore? Start by selecting a trusted person to be your Donee, someone who will act in your best interest if you lose mental capacity. Next, complete the LPA form available on the Office of the Public Guardian (OPG) website. After completing the form online, have it certified by a registered medical practitioner, lawyer, or psychiatrist.
Curious about the detailed steps and considerations for setting up an LPA? Read on for a comprehensive guide to making a Lasting Power of Attorney in Singapore, including tips and expert advice to ensure a smooth and secure process!
How to Choose My Donees?
Choosing the right Donee is paramount, so here's a guide before applying for LPA:
Eligibility Criteria:
Age: Your Donee(s) must be at least 21 years old at the time of appointment.
Capacity: They should possess the necessary judgement and understanding to handle the entrusted responsibilities.
Trustworthiness: Select someone you implicitly trust to act in your best interests and make sound decisions aligned with your wishes.
Decision-Making Authority:
Your LPA allows you to specify the decision-making powers granted to your Donee(s). These can be categorised into two main areas:
Personal Welfare: This covers decisions impacting your daily life, such as residence, healthcare, and social activities.
Property and Affairs: This encompasses managing your finances, property, and investments.
Multiple Donees:
If you choose to appoint more than one Donee, you have the option to determine their decision-making approach:
Jointly: All Donees must agree on the decisions to be made. If they cannot agree, they cannot act on your behalf for that decision.
Jointly and Severally: All Donees may make decisions together or separately.
By carefully selecting your Donee(s) and clearly outlining their decision-making authority, you can create a robust LPA that safeguards your well-being and financial security in the event of losing mental capacity.
How to Make Lasting Power of Attorney in Singapore?
Before you make a Lasting Power of Attorney, you should be aware of the different forms for different scopes of authority. There are two main ways to make a Lasting Power of Attorney (LPA) in Singapore:
Online: This is the easiest way for most people. You can complete an LPA Form 1 online if you want to appoint up to 2 Donees (the people you give power to) and grant them standard powers.
With a Legacy Planning expert: Use a legacy planning expert, like The Life Legacy, to complete LPA Form 2 if you need more complex options, like appointing more than 2 Donees and more than 1 Replacement Donees or giving them specific powers.
Now that you know which form you should use, it’s time to make your LPA. Follow our comprehensive guide to learn more.
How Long Will the Process Take?
The Lasting Power of Attorney (LPA) registration process in Singapore aims for efficiency while ensuring proper safeguards. Here's a breakdown of the typical timeline:
Mandatory Waiting Period:
Singapore law mandates a minimum waiting period of three (3) weeks after the Office of the Public Guardian (OPG) receives your LPA application. This period allows for any potential objections to be raised.
Processing Time:
Following the mandatory waiting period, OPG will process your application, which typically takes around four (4) weeks. This includes reviewing the application and conducting any necessary checks.
Registration Completion:
If no valid objections are received by the specified date stated in the OPG acceptance notice, your LPA will be officially registered at the end of the three-week waiting period.
You will be notified by OPG regarding the application's status upon successful registration.
What to Do After LPA is Registered?
The successful registration of your Lasting Power of Attorney (LPA) is a significant milestone. Here are key steps to ensure its effectiveness:
Maintain Document Accessibility:
Both you and your Donee(s) can access a copy of the registered LPA electronically through the Office of the Public Guardian's Online portal (OPGO).
Inform Relevant Parties:
Proactively informing institutions and individuals potentially involved in your future care streamlines decision-making when your Donee(s) need to act on your behalf. Consider informing:
Healthcare Providers: Share a copy of your LPA with your doctor, dentist, and any other healthcare professionals involved in your care.
Financial Institutions: Notify your bank, the Central Provident Fund Board (CPFB), insurance companies, stockbrokers, and other relevant financial institutions about your LPA.
Other Relevant Parties: Inform individuals who might be involved in managing your affairs, such as a property manager or accountant, of your LPA.
By taking these post-registration steps, you can ensure your LPA functions effectively, providing peace of mind regarding your well-being and financial security in the event of losing mental capacity.
Introducing The Life Legacy: Your Best Partner for Your LPA Journey
A successfully registered LPA provides significant peace of mind, knowing your well-being and finances are protected if you lose mental capacity. By knowing the legalities of creating Lasting Power of Attorney in Singapore, you ensure smooth implementation when your Donee(s) need to act on your behalf. However, navigating the intricacies of LPA creation can be daunting.
Ensuring your wishes are clearly documented can be complex. That's where The Life Legacy steps in. We offer a comprehensive suite of resources and services designed to guide you through every stage of your LPA journey. Contact The Life Legacy today and let our experts empower you to create a future-proof Lasting Power of Attorney that safeguards your well-being.
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