According to a Well-being of the Singapore Elderly (WiSE) study conducted by Institute of Mental Health (IMH), the number of dementia cases in Singapore is estimated to be about 82,000 in 2018. And this figure could rise to a staggering 100,000 in a few years’ time as our population aged rapidly. This is a frightening statistic and hence set the context for the need to consider making a lasting power of attorney (LPA).
Life is fragile and unpredictable. You do not know when disaster will strike you. In my previous article, I wrote about how my late Dad’s devastating stroke left my family in a state of limbo for many years. Thus, it is never too early to start planning ahead because you never know when adversity will strike. But if misfortune does strike, make sure you are ready.
Like all things in life, there is a dark side for lasting power of attorney. In 2014, the court case of Yang Yin cast the spotlight on the role of lasting power of attorney (LPA). In that saga, Singapore saw how this legal document can be abused if it falls into the wrong hands.
So, what is exactly a lasting power of attorney (LPA) and how does it impact your financial journey? In this article, I will examine the merits of making an LPA. But I must caution that this article is not meant to be a legal advice. If in doubt, please consult financial advisors or seek legal advice. The content here is written to the best of my research. If there is any factual inaccuracies, please feel free to let me know.
Deadline for LPA application fee waiver
Basically, a lasting power of attorney is a legal document that [This is a premium article. The rest of the content is blocked and can be accessible by SG Wealth Builder Members only. To read the full content, please sign up as member.]
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