Lasting Power of Attorney
The lasting power of attorney (LPA) is a legal document that authorises your donee / donees to act in the event of your mental incapacity. The main functions of an LPA are described below.
Appointment of Key Persons
You will need to appoint the people you wish to have authority over you and your affairs when you are mentally incapacitated.
These persons are known as your donees. You may appoint one sole donee or two donees to act concurrently. You may also appoint up to one backup donee.
Personal welfare refers to the aspects of your life relating to your day-to-day activities, diet and interactions
Your personal welfare donee can decide who has access to you
You may extend the personal welfare donee's authority to include medical treatment decisions
Property and Affairs
Property and affairs refers to the legal and financial decisions and issues relating to your assets
Obtaining confidential information about your bank accounts and other financial instruments
Using your money to pay for expenses related to you and your immediate family members
Facilitating matters such as insurance claims, investment decisions and decision over your property
You can impose restrictions / limitations on the power of the donee
Over the use of your money
On the sale or other matters involving the title to your property
Relating to your medical treatment decisions