What is LPA? Why is LPA so important?
The Lasting Power Attorney (LPA) is a legal document that allows a person who is at least 21 years of age (‘donor’), to voluntarily appoint one or more persons (‘donee(s)’) to make decisions and act on his/her behalf if he/she loses mental capacity one day. A donee can be appointed to act in the two broad areas of personal welfare and property & affairs matters.
One may think he/she will not need the LPA. In accordance to the report from the Health Hub Singapore website, (https://www.healthhub.sg/live-healthy/679/yourguidetounderstandingdementia_pdf), the risk of dementia increases with age. In Singapore, about 1 in 10 (amongst the elderly aged 60 years and above) suffers from dementia. This corresponds to approximately 82,000 people with dementia in 2018 and is projected to increase to 152,000 by 2030.
1 in 10, which is 10%! The percentage is even higher than people who contracted the COVID-19 among the aged 60 years and above! That is why the Government is also encouraging people to do up their LPA.
I still remembered that day when I have helped my parents-in-law to do up their LPA, I can feel the sense of relief in their facial expressions. Imagine you are in your 70s, your friend or relative is suffering from dementia, and you realized that he or she does not have an LPA. You will be able to comprehend that relief too.
Disclaimer: This post represents my personal views and opinions and is neither associated with any organisation nor reflects the position of any organisation. Please seek advice from a Financial Adviser Representative before making any investment decisions.
