Why You Should Make a Lasting Power of Attorney in Singapore Today
Creating a Lasting Power of Attorney (LPA) is one of the most critical steps in securing your future and protecting your interests. An LPA allows you to appoint trusted individuals, known as donees, to make decisions on your behalf should you lose mental capacity. Whether it’s managing your finances or ensuring your personal welfare, an LPA gives you control over how your affairs are handled in unforeseen circumstances. Here are five compelling reasons to make a Lasting Power of Attorney in Singapore today.
1. Protect Your Personal Welfare
An LPA ensures that your personal welfare is managed by someone you trust. If you lose mental capacity due to illness or an accident, your appointed donee can make decisions about your healthcare, living arrangements, and daily activities.
Why it matters:
You have a say in who makes decisions about your well-being.
Ensures your preferences are respected, even if you cannot communicate them.
Without an LPA, family members may face challenges in deciding what’s best for you, potentially leading to conflicts or delays in care.
2. Safeguard Your Financial Interests
Managing financial matters can be complex, especially if mental incapacity prevents you from overseeing your own affairs. An LPA gives your donee the authority to handle your bank accounts, investments, property, and other financial responsibilities.
Key benefits:
Prevents unauthorized access or mismanagement of your assets.
Ensures timely payment of bills, loans, and other financial obligations.
Protects your wealth and minimizes the risk of financial loss.
This is particularly important for individuals with significant assets or complex financial arrangements.
3. Avoid Costly and Lengthy Deputyship Applications
Without an LPA, your loved ones may need to apply to the court to be appointed as a deputy to manage your affairs. This process can be time-consuming, costly, and emotionally draining.
How an LPA helps:
Eliminates the need for court-appointed deputyship.
Saves your family time, money, and stress during difficult circumstances.
Ensures immediate access to manage your personal and financial matters.
Having an LPA in place streamlines decision-making, providing peace of mind for both you and your loved ones.
4. Reduce Family Disputes
The absence of an LPA can lead to disagreements among family members over how to manage your affairs. These disputes can create rifts and add emotional strain to an already challenging situation.
Why an LPA is crucial:
Clearly defines who is responsible for making decisions on your behalf.
Reduces the likelihood of conflicts among family members.
Provides clarity and direction, ensuring everyone understands your wishes.
An LPA acts as a legal safeguard, protecting your interests while maintaining harmony within the family.
5. Peace of Mind for the Future
Life is unpredictable, and none of us can foresee what the future holds. Having a Lasting Power of Attorney ensures that you are prepared for any eventuality. By appointing trusted individuals to manage your affairs, you can rest assured that your personal and financial matters will be handled according to your preferences.
Additional benefits:
Provides control over who will manage your affairs if needed.
Offers reassurance to your loved ones that your wishes are legally documented.
Gives you confidence that your future is secure, no matter what happens.
How to Make a Lasting Power of Attorney in Singapore
Making an LPA in Singapore is straightforward and accessible. Here’s how you can get started:
Complete the LPA Form 1: This form is suitable for most individuals and allows you to grant general powers to your donee(s).
Engage a Certificate Issuer: Have your LPA certified by an accredited professional, such as a practicing lawyer, registered psychiatrist, or medical practitioner.
Submit the Application: Submit your LPA through the Office of the Public Guardian Online (OPGO), Singapore’s digital platform for LPA applications.
Currently, the application fee for LPA Form 1 is waived for Singapore citizens until March 31, 2026, making it an excellent time to create your LPA.
Take Control of Your Future Today
A Lasting Power of Attorney is more than just a legal document—it’s a commitment to safeguarding your future. By protecting your personal welfare, securing your financial interests, and reducing potential conflicts, an LPA provides peace of mind for you and your loved ones. Don’t wait until it’s too late—take the first step towards creating an LPA today.
At YY Lee & Associates LLC, we are experienced estate planning lawyers ready to guide you through the process of creating a Lasting Power of Attorney. Contact us at 8780-2499 or leave a comment below for expert advice and personalized assistance in securing your future.
