Uncertainty in Life
Life is full of uncertainties. On one day, you may be healthy, energetic, and bursting with life. And on the next, you may well lose your mental capacity.
The Lasting Power of Attorney (“LPA”) is an important pre-planning tool. In essence, it allows you to “donate” your decision-making powers to a person whom you consider reliable, competent and capable. This kicks in upon the loss of your mental capacity.
In the past, a worrying 20% of the LPA applications have been rejected due to mistakes, or inconsistencies in the form. As such, it is prudent to seek legal advice when executing an LPA.
Application fee waiver for the next two years
Singaporeans will have more reason to execute an LPA. This is attributable to the Government’s decision to waive the $75 application fee (extended till 31 March 2023), and a further simplified application process.
Not only does the LPA allows you to safeguard your interests, making an LPA also allows you to minimise the stress and difficulties facing your loved ones should you lose the mental capacity to make your decisions.
For assistance on estate planning, please contact us to make an appointment.
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