Are you wondering who can make crucial decisions on your behalf if you're unable to do so? Discover who is eligible for Lasting Power of Attorney in Singapore and how it ensures your wishes are respected. Whether it's managing finances or making healthcare choices, understanding LPA eligibility is the first step to securing your future. Read on to learn more about the criteria and benefits of appointing an LPA.
Is Lasting Power of Attorney Popular in Singapore?
Lasting Power of Attorney (LPA) is gaining traction in Singapore. While awareness is high, with over 84% of residents having heard of LPAs according to a YouGov survey, ownership lags behind at around 19%. Interestingly, over half (55%) of residents are considering getting one. This indicates that LPAs are becoming better understood but haven't yet reached widespread adoption.
An LPA is a crucial legal document that allows you to appoint a trusted person (donee) to make decisions on your behalf if you lose mental capacity in the future. This can be due to illness, accident, or age-related decline. Having an LPA in place ensures your wishes are respected and avoids the complex and potentially contentious process of your loved ones applying for a court order to manage your affairs. Considering the benefits of an LPA, it's a wise decision to discuss LPAs with your family and consider getting one for yourself.
Who is Eligible for Lasting Power of Attorney?
Here's a breakdown of eligibility for a Lasting Power of Attorney (LPA) specifically for Singapore:
The Donor (Grantor):
Age: You must be at least 21 years old to create an LPA in Singapore.
Mental Capacity: You must possess the mental capacity to understand the document and the decisions you're making. This means you can understand the nature of the LPA, the powers you're granting, and the potential consequences. A registered doctor can assess your mental capacity if needed.
Undischarged Bankruptcy: You cannot be an undischarged bankrupt if you wish to create an LPA for property and affairs matters. This ensures responsible management of your financial decisions.
The Donee (Attorney):
Age: Similar to the donor, the donee must be at least 21 years old.
Mental Capacity: The donee needs to understand their role and responsibilities clearly. They must be able to make sound decisions aligned with your wishes and best interests.
Trustworthiness and Reliability: Choose someone you trust implicitly to act in your best interests and manage your affairs responsibly.
Additional Points:
Donee Types: You can appoint non-professional donees (family/friends), professional donees (lawyers, accountants), or a combination. Professional donees might be required for complex financial matters.
Number of Donees: You can appoint one or more donees. Decide if they act jointly (all together) or severally (independently).
Replacement Donees: Consider naming substitute donees in case your primary choices are unavailable or unwilling to act.
Restrictions: You can set limitations on your donee's powers in the LPA. This can include specific decisions they can make, financial limits, or timeframes for their authority.
Having a Lasting Power of Attorney in Singapore provides peace of mind knowing your wishes will be respected if you lose mental capacity. By carefully considering eligibility requirements and choosing trustworthy individuals to act as your attorneys, you can ensure your affairs are managed effectively.
How to Make Lasting Power of Attorney Process Easier?
Creating a Lasting Power of Attorney (LPA) is a crucial step in securing your future, but the process can seem daunting if you don’t know the full scope of this legal document. Consider involving a legacy planning expert. Their guidance can simplify the LPA creation process. They'll ensure you understand the purpose of LPA and craft a draft according to your wishes. They can also help you navigate the legalities and ensure your LPA is valid.
The Life Legacy Can Help:
At The Life Legacy, we specialise in legacy planning and can help you create a watertight LPA that reflects your wishes. Our experts will guide you through every step, offering clarity and peace of mind.
Take action today and secure your future. Contact The Life Legacy to get started!
Comments