Plan for Tomorrow: Wills and Lasting Power of Attorney

Secure Your Future with Wills and Estate Planning in Singapore

Understanding Wills and Lasting Power of Attorney (LPA)

Planning for your assets and personal affairs, otherwise known as estate planning, is a vital part of securing your future and the future of your loved ones. In Singapore, two essential legal instruments can help you prepare for life’s uncertainties: the Will and the Lasting Power of Attorney (LPA). Understanding how these tools work can give you peace of mind, knowing that your personal and financial matters will be handled according to your wishes, whether in life or after death.

What is a Will?

A Will is a legal document that outlines how your assets and properties will be distributed after you pass away. It allows you to appoint beneficiaries who will inherit your assets, assign an executor to manage the estate, and even designate guardians for your minor children. A properly executed Will ensures that your estate is distributed according to your wishes.

Does Any of the Following Situations Match Your Circumstance?

Why should you make a Will?

Control Over Your Estate: With a Will, you maintain control over how your assets are distributed, ensuring that your property is allocated according to your personal preferences.
Prevention of Family Conflicts: A clear and well-drafted Will reduces the chances of disagreements or disputes among family members after your passing. You could even attach a note to your Will to explain why you have distributed your estate in the manner that you did in the Will.
Appointment of Executors and Guardians: You can name trusted individuals to serve as the executors of your estate and guardians for any minor children, ensuring their well-being.
Efficiency in Distribution: Without a Will, the process of distributing your estate can be delayed by legal complications. A Will streamlines this process, providing clarity for your heirs.

What happens if you pass on without a Will?

If you pass on without a Will, your estate will be distributed according to Singapore’s intestacy laws, which may not align with your personal wishes. For instance, the law may require that your spouse and child receive equal shares, even if you intended for one person to inherit more. As a result, other individuals, such as your siblings or parents, would not receive any inheritance from you.

What is a Lasting Power of Attorney (LPA)?

An LPA allows you to appoint someone to make decisions on your behalf if you lose your mental capacity to make informed decisions about your own personal welfare, property, or finances. Unlike a Will, which takes effect after death, an LPA is used while you are still alive but unable to manage your affairs due to illness or injury.

What decisions can your donees make under the LPA?

Personal Welfare: Your appointed donee(s) may make decisions regarding your healthcare, medical treatment, and general welfare.

Property & Affairs LPA: Your donee will granted the authority to manage your financial matters, such as your bank accounts, property transactions, and paying bills.

Appointment of multiple donees

If you have appointed more than one donee, you can direct that your donees act jointly or independently (i.e., jointly and severally). If your donees are required to act jointly, all appointed donees must consent to any decisions made, ensuring a collective agreement on significant matters. On the other hand, if you allow your donees to act jointly and severally, each donee can make decisions independently, which provides greater flexibility and expedience in managing your affairs. This option can be beneficial in urgent situations where waiting for consensus among multiple donees could cause delays.

Why You Should Have an LPA

Mental Incapacity Planning: With an LPA, you can choose someone you trust to manage your personal and financial affairs should you become unable to do so. This ensures that important decisions are made in your best interests.

Avoid Court-Appointed Deputies: Without an LPA, the court may need to appoint a deputy to make decisions on your behalf, which could result in someone you may not have chosen handling your affairs.

Reduce Family Disputes: By appointing a donee of your choice, you help prevent potential conflicts among family members over who should manage your affairs.

Why You Need Both a Will and an LPA

Having both a Will and an LPA offers a complete estate planning solution. A Will secures your estate and ensures your assets are handled after your death, while an LPA safeguards your personal welfare and financial decisions should you lose mental capacity. By preparing both, you cover all aspects of future planning, giving yourself and your loved ones peace of mind.

Protect Your Assets and Loved Ones with Estate Planning

Wills and Lasting Power of Attorney (LPA) are essential components of estate planning in Singapore. They not only protect your assets and ensure your wishes are respected, but they also provide guidance for your loved ones in difficult times. While you may draft a Will and set up an LPA yourself, engaging a professional lawyer to guide you through the legal drafting and processes will ensure that the documents are tailored to your specific needs.

We're Ready To Help

Planning for the future can be daunting, but Jacque Law LLC is here to help you with expertise and care. Our dedicated team specialises in estate planning, guiding you through creating a Will and establishing a Lasting Power of Attorney (LPA) to ensure your wishes are respected. Protect your assets and provide for your loved ones with the peace of mind that your affairs are in capable hands.

Commonly Asked Questions

What is the difference between a Will and a Lasting Power of Attorney (LPA)?

A Will outlines how your assets will be distributed after your death, while an LPA allows you to appoint someone to make decisions on your behalf if you lose mental capacity. The Will only takes effect after your passing, whereas the LPA applies during your lifetime if you are unable to manage your own affairs.

Who should consider creating a Will?

Anyone who owns assets, has minor children, or wishes to have control over how their estate is distributed should consider creating a Will. Having a Will in place provides clarity for your loved ones and ensures your wishes are followed, reducing potential disputes.

What happens if I pass away without a Will in Singapore?

If you pass away without a Will, your assets will be distributed according to Singapore's intestacy laws. This means the distribution may not align with your personal wishes, as assets are distributed to family members in a specific order of priority, regardless of your preferences.

Can I update my Will or LPA after they have been created?

Yes, you can update both your Will and LPA if your circumstances or wishes change. It is important to review these documents periodically or after major life events, such as marriage, divorce, or the birth of a child, to ensure they accurately reflect your current intentions.

Who should I appoint as an executor in my Will?

Your executor should be a trustworthy individual capable of managing and distributing your assets responsibly. This could be a family member, friend, or a professional. It’s crucial to choose someone you trust to fulfill the responsibilities effectively and according to your wishes.

What are the benefits of creating an LPA?

An LPA provides peace of mind, knowing that a trusted individual can make important decisions on your behalf if you lose mental capacity. This helps avoid potential family conflicts and ensures your financial and personal matters are handled in line with your preferences during difficult times.