Hubby and I firmly believe in the value of making proper investments, hence we make it a point to educate ourselves appropriately on all investment related issues. We read websites, attend talks, have discussions with people who have more experience than us on all these matters. It’s always very enriching and our investment journey has been shaped by the experiences and knowledge that we have obtained over the years.
Recently, hubby attended a talk on Lasting Power of Attorney (LPA) and he came back determined to implement it for us. We felt it was extremely important to us especially because we have a convoluted web of properties and investments under our names. We don’t want our children to be placed in complicated financial situations that may result from any inappropriate decisions .
So what’s a LPA? It’s a document that is somewhat related to a Will. There’s probably sufficient sophisticated information online that we can get about LPA, but here’s the simplified version. A person uses a Will to documents his decisions on how his items are to be dealt with after he has passed away. A person uses a LPA to appoint people to make decisions on his behalf if he loses mental capacity (but is still alive).
It takes 3 steps to draw up a LPA. First, think about who you want to appoint to make such decisions (a.k.a. donee), and what kind of authority the donee have (3 roles: personal welfare, property and affairs, or both personal welfare and property and affairs).
Then, find a certificate issuer to certify your appointment here. Their fees for doing so generally range from $25 – $80.
The last step is to submit your LPA to the Office of Public Guardian by post. There’s a registration fee of $80, but on 28 June 2018, the Office of Public Guardian has waived off the fee till 31 August 2020.
If it’s any easier to listen to someone provide information on LPA, go here. There’s a free 1.5 hr course where you can sit in comfort and download all necessary information from the speaker.
So fellow mummies and daddies, do consider doing your IPA