• (+65) 6836 5944
    • info@kprasad.com.sg
  • Lasting Power of Attorney

    Lasting Power of Attorney

    Posted in : on March 3, 2016

    What is the Lasting Power of Attorney(LPA)?

    The Lasting Power of Attorney is a legal instrument to allow a person (the Donor) to appoint one or more person (the Donee) to make decisions on his/her behalf in an event where the donor loses the mental capacity to manage his/her own affairs. The LPA comes into effect in an event where the Donor loses his/her mental capacity and is terminated upon the Donor’s death.

    1. There are many advantages to making a LPA and such advantages include but are not limited to:
    2. The Donor’s bank account would not be frozen in an event where he/she loses his/her mental capacity. The Donee will be able to access the Donor’s bank account and manage the Donor’s financial matters on his/her behalf.
    3. The Donor will be able to appoint a person he/she trusts to manage his/her affairs for him/her. This will prevent a stranger or someone he/she does not trust from having such power.
    4. If the Donor’s family is dependent on him/her, their interest and well-being will still be ensured.
    5. The Donor’s health and personal welfare will be taken care of by someone he/she trusts. The Donee will be able to make decisions regarding the Donor’s personal and medical care.
    6. The Donor’s family would not need to undertake the costly and time-consuming process of applying to the court to appoint a deputy to take charge of the Donor’s affair.

    Who needs to make a LPA?

    Mental incapacity can occur at any time to people of all ages, either through accidents or illnesses. As such, everyone should make a LPA to protect not only his/her interest but also the interest of his/her family members should unforeseen circumstances arise.

    (This article is for your general information only and is not to be considered as formal legal advice to you. You may contact us at 6836-5944 should you require specific legal advice. )

    Leave a Reply

    Your email address will not be published. Required fields are marked *