The Lasting Power of Attorney
Join us and learn why The Lasting Power of Attorney is important in planning your future.
*Workshop has ended
A Lasting Power of Attorney (LPA) is a document that allows a person aged 21 years or empower his or her caregiver in the event of mental incapacity. The person making the LPA is referred to as a donor while the appointed person is referred to as a donee. Through an LPA, the donee can be empowered to take care of the personal welfare (including medical welfare), and also financial matters of the donor.
A Lasting Power of Attorney takes effect from the time a donor loses their mental capacity.
In Singapore, there are two types of LPA forms that a person can choose from.
- LPA Form 1 – Prescribed form giving wide powers to the donees.
- LPA Form 2 – A blank slate where more specific powers can be granted to the donees, including the appointment of trust companies to manage the property and affairs of the donor. Requires a lawyer to do the drafting.
If you become mentally incapacitated, in the absence of an LPA, the court would have to appoint a deputy to act and make decisions on your behalf. Obtaining such court orders can be time-consuming and costly. Having an LPA will, however, do away with the need for the court order as you will have already chosen a person to make decisions on your behalf, therefore saving both time and money.
Patrick Tan TEP is the Founder and Chief Executive Officer of Fortis Law Corporation. His areas of practice include general litigation and arbitration, wealth management, real estate and private client matters. He is a Notary Public, Commissioner for Oaths, a Fellow of the Singapore Institute of Arbitrators, as well as an accredited Associate Mediator with the Singapore Mediation Centre.
|Date:||26 April 2022, Tuesday|
|Time:||12 to 1pm|
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