When it comes to estate planning in Singapore, there are a number of things that need to be considered. However, one of the most important aspects, and one that is often overlooked, is a power of attorney in Singapore. Many people have heard about this process, but they are slightly unaware of how important this type of documentation can be in certain situations where a person is unable to handle their affairs on their own.
In essence, a power of attorney is an agreement that a person makes to have someone that they trust, perhaps a spouse, child or a sibling, to handle their affairs in the event they become incapable of doing so. The incapability of handling their own affairs can come because of the sickness, an injury or simply because of age. In these situations, it will be important to have the right documentation in place to ensure that a person’s interests and a person’s affairs are handled when they are not capable of doing so.
In order to properly transfer power of attorney to another person, documents will need to be drawn up and filed. It’s important to make sure that the right person is chosen to handle a person’s affairs should they become unable to do so themselves. It’s also important that the documents, typically drawn up by an attorney in Singapore, are done correctly in order to ensure that there are no challenges or errors that would make the transfer of power of attorney convoluted.
It also prevents the person taking over a person’s affairs being rendered ineligible to do so. Fortunately, speaking with an attorney that understands probate law and estate planning will ensure that the right documentation is drawn up. This will also guarantee that the correct wording is used so that if a person needs to transfer power of attorney to a preselected individual everything goes smoothly.
The last thing a person wants to do is to have questions about who can handle their affairs should they become unable to do so. With power of attorney documentation, the wishes of a person are clearly delineated and the person that they have selected to handle their affairs can do so on their behalf legally.