Wills and Lasting Power of Attorney
What is a Will?
A Will sets out how a person (the Testator) wishes to distribute his assets after death. The Testator has to appoint an Executor to carry out his intentions stated in the Will. The Will only takes effect upon the Testator’s death.
Is it necessary to draw up a Will?
Drawing up a Will is optional.
In the absence of a Will, the estate of a deceased person will be distributed in accordance with the laws of intestacy, meaning, to his family members and relatives eg. spouse, children, parents, siblings, etc. in a particular order of priority and in specified shares.
It also means having to prove the relationships with the deceased through marriage certificates, birth certificates, death certificates, etc.
Having a Will has the advantage of involving only one person in the application for a Grant of Probate, namely, the Executor, instead of all the beneficiaries under intestacy.
What is our firm’s process for drawing up a Will?
We will email a checklist for your completion. In the checklist, you indicate the particulars of yourself (the Testator), your Executor, the Beneficiaries, and how you wish to give away your assets.
Once we receive the completed checklist and payment indicated, we will prepare a draft Will for your approval. Upon approval, you will be given an appointment to execute the Will.
What is a Lasting Power Of Attorney (LPA)?
An LPA enables a person (the Donor) to appoint a Donee to make decisions on his behalf. It is made when the Donor still has mental capacity.
When there comes a time that the Donor loses mental capacity, the LPA is activated through a doctor’s LPA Activation Medical Report.
The LPA ends when a Donor dies.
Is it necessary to draw up an LPA?
An LPA allows you to choose/appoint your Donee. You can direct how your welfare and assets should be handled by your Donee.
In the absence of an LPA, a court application will have to be made for a deputy to be appointed to handle your welfare and assets. This involves incurring legal costs.
What is our firm’s process for drawing up an LPA?
Currently, LPAs are prepared online through the website of the Office of Public Guardian (OPG) via SingPass.
Donors will first have to complete an online form together with their Donees’ particulars. Prompts will be sent to the Donees to “accept” their appointments. Thereafter, you can see us as Certificate Issuers to issue and register your LPA. A fee is payable.
If you are unable to process the online form yourself, we will be able to assist you. However, the charges will be higher than certificate issuing.
What is the difference between a Will and an LPA?
An LPA is used when a person is alive but has lost mental capacity. A Will only takes effect after a person dies.
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