It is easy to forget to prepare for the unexpected in this fast-paced world. While many individuals focus solely on wills and estate plans, the Lasting Power of Attorney (LPA) is an additional important document that is frequently disregarded. Here are some reasons why every Singaporean should think about establishing an LPA in case you’re unfamiliar with the concept or aren’t sure if you require one.
Getting a handle on the LPA
You can designate a trustworthy individual (the “donee”) to handle your personal and financial affairs in the event that you become unable to do so yourself by creating a Lasting Power of Attorney. Possible causes of this decline in decision-making abilities include disease, injury, or just getting older.
If you are unable to communicate your wishes verbally, the LPA will guarantee that your affairs are handled in accordance with your desires. Your loved ones may have to go through the difficult and costly process of petitioning the court to be granted the authority to handle your affairs if you do not have an LPA.
Why is the LPA Crucial?
A legal protection agreement (LPA) is crucial. Having a last will and testament in place allows your designated donee to take over your affairs without delay in the case that you suffer a mental decline. Making important decisions regarding your healthcare, living situation, and finances are all examples of what this encompasses.
Your loved ones may find themselves in a tough spot if you do not have an LPA in place; they may have to petition the court for a Deputyship order in order to handle your affairs. On top of the stress and financial burden that your loved ones are already bearing due to your health problems, this procedure can take a long time to complete.
The Distinction Between LPA and Will
Although they accomplish distinct goals, many erroneously assume that a living trust (LPA) is equivalent to a will. While a will specifies the distribution of your assets upon death, a living will (LPA) addresses the management of your affairs while you are alive but unable to make decisions for yourself.
In the event that you become unable to make decisions for yourself, a legal power of attorney (LPA) can step in. What this means is that your wishes should be honored throughout your lifetime, even after you pass away and can no longer express them verbally.
Procedures for Establishing an LPA
It is easy to establish an LPA in Singapore. Step one is to complete the necessary paperwork, which includes having it certified by an expert in the field. Step two is to register the documents with the Office of the Public Guardian. Ensuring the legal validity and enforceability of your LPA is the last and most important step.
Your LPA will serve as a protection once it is registered. Even if you never need it, having someone you trust handle your affairs can give you peace of mind.
In summary
To sum up, every Singaporean should think about getting an LPA for their future plans. If you ever become unable to make decisions for yourself, this will make sure that your financial and personal affairs are taken care of the way you want them to be. Put your loved ones’ and your own financial futures at ease by taking the required steps to establish your LPA.
Adel Law LLC is available to help you with any questions you may have or if you are ready to establish your limited liability partnership. We can help you with this crucial legal protection; contact us today to find out more.
