Lasting Power of Attorney and Healthcare Directives

?

Lasting Power of Attorney and Healthcare Directives are critical components of Comprehensive Estate Planning, ensuring that your wishes are upheld and your best interests are protected in times of incapacity.

?

Lasting Power of Attorney:

A Lasting Power of Attorney (LPA) is a legal document that designates a trusted individual (donee) as your agent to manage financial and legal matters on your behalf. It grants them the authority to make decisions, sign documents, and handle various affairs if you lose your mental capacity and become unable to decide due to illness, injury, or other reasons.

?

Healthcare Directives:

Healthcare directives are directives that detail your medical treatment preferences and you may appoint a healthcare proxy to make medical decisions on your behalf if you're unable to communicate. This ensures that your wishes regarding life-sustaining treatments, organ donation, and other medical interventions are respected.

In Singapore, we can do up an Advance Medical Directive (AMD) to let the medical professionals and your loved ones know on your wishes to be sustained for life upon very critical situation like in comatose or vegetative state. The usage of AMD are subjected to very strict guidelines like for eg, out of the 3 medical professionals, all must agree unanimously that the terminal stage has been reached in order to "pull the plug".

There's another healthcare directives whereby it acts more like a letter of wishes called the ACP (Advanced Care Planning). It bridges the gap between legal representation and your preferences and wishes. LPA gives the legal authority to your donee and ACP provides the directions and your wishes on how you would like to be cared for.

Finally, we can decide on organ donations through another legal document called HOTA (Human Organ Transplant Act). This serves to inform the medical professionals on the list of organs, if usable, to be donated, upon death.

?

A well-drafted healthcare directive(s) provides guidance to your loved ones and healthcare providers during emotionally challenging times. It alleviates the burden of decision-making from your family, allowing them to focus on your care rather than wrestling with difficult choices.

?

In conclusion, lasting power of attorney and healthcare directives are instruments that grant trusted individuals the authority to manage your financial and medical matters when you're unable to do so. By establishing these documents, you can ensure that your affairs are handled according to your preferences and best interests, providing peace of mind for both you and your loved ones.

By Thomas Tan.

With over 25 years of experience in the financial advisory landscape, specializing in retirement and estate planning, I'm dedicated to helping you secure your financial future. Whether you're an executive, business owner, or a mass affluent individual, my team and I are here to provide tailored strategies that create sustainable passive retirement income and fortify your estate.

Rest assured, your financial well-being is at the heart of everything we do. If you have questions, concerns, or simply want to explore further, please don't hesitate to reach out. Remember, your financial journey is unique, and together, we'll navigate it with expertise and care.

Thank you for being a part of our community. Until next time, here's to prosperous planning and a future filled with financial peace of mind.

Warm Regards