Many Couples Are Unaware of the Importance of an LPA for Marriage. Let Us Take a Close Look at the Benefits of an LPA
Many people are not aware of the meaning of the phrase “power of attorney”, as well as, whether they really require one or not. The confusion is even more as the same term can be used for a variety of documents. Hence before covering the query of whether an LPA for marriage is relevant or not, it is imperative to first review the purpose of these documents.
According to an estimate, every year thousands of people develop conditions or meet an accident, which might affect their mental capacity. It is natural to assume that if you require money for the medical care of your loved one, you can visit a bank to access your spouse’s money.
On the other hand, it is only possible when your spouse had opted for an LPA or Lasting Power of Attorney. In the absence of such a document, you have to knock the door of the court for several months. Imagine your plight when you have to get involved in a long legal battle while your partner is already ill. To ensure that you avoid such lengthy procedures, the article will come in handy to inform you about an LPA.
Defining Power of Attorney
Typically, a signed document wherein a person grants somebody else the authority or power to act or make decisions on their behalf is referred to as a power of attorney. A power of attorney can be divided into two major categories. These are as follows:
- Medical powers of attorney/” health care” proxies or power of attorney
- A financial power of attorney
Irrespective of the kind of power of attorney you choose, someone else can be given:
- Broad powers for dealing with various matters in that space
- Limited power for dealing with particular issues, or
- Powers of varying magnitude
The individual being named is typically known as a “proxy”, “attorney-in-fact”, or an “attorney”. However, such an individual can be any person chosen by you and does not compulsorily have to be a lawyer or an attorney.
Several lawyers would tell and reinforce that adults require somebody who can function as a power of attorney for them. A power of attorney is required for medical, as well as, financial matters. After all, no one knows what the future will bring for them. In case they are not in a capacity to make decisions for themselves or become incompetent all of a sudden, such a document will enable them to designate a person, who will act for them in advance.
When a person does not make that option, they will be completely at the mercy of the judicial system. It is then for the judge to decide on who will do those important functions for them.
More to Know
Many people assume that it is nonessential to have such documents ready in place if they are married. However, these formal and legal relationships can solve issues related to physical infirmity or incompetence.
Similarly, many would like to believe that joint ownership in properties can solve issues about possible future incompetence. Joint ownership might help to a certain extent such as for writing checks or making deposits.
All the joint owners of personal or real property should agree for selling the property. It denotes that when one of the spouses does not give their consent the other partner has limited ability in mortgaging or selling the property.
Also, there are increasing confidentiality and privacy concerns. Then, several healthcare providers and businesses have a lesser chance of dealing with somebody without proper permission for doing so.
In case you have met an accident or ailing from severe illness such as a car accident or Alzheimer’s, it could mean that you may not be able to look after yourself. Thus, someone else has to take care of your finances in such a situation. The Lasting Power of Attorney is a legal document. It enables a person to nominate his/her partner so that the latter can handle their affairs.
The LPA will come into effect when the concerned person fails to act on their behalf. Loss of the mental capacity of a person is when he fails to understand whatever is required for making decisions. If this is the case and an LPA has been pre-written, the document comes into effect and the partner can decide for his/her incapacitated partner.
Benefits of Setting Up LPA for Marriage
When you are in a phase wherein it is not possible for you to act and have not set up a Lasting Power of Attorney, your partner needs to make an application for becoming a ‘deputy’. However, that is a long and costly procedure. As such, you can make your partner’s life in Singapore easy by setting up an LPA.
Like several other legal documents like prenuptial or wills, many people overlook this important legal requirement. It is primarily because they are often too engaged in their daily lives to give importance not realizing that their life can be a breeze.
However, the most crucial advantage is that you would be cared for when your partner is going through tough times. Also, you don’t have to run behind the solicitors when your spouse is severely ill or has become mentally incompetent. As such, it is imperative to carefully go through all your choices. Also, ensure that both your partner and you are adequately protected against any untoward incident.
When an LPA gets executed in Singapore, a couple can be at complete peace of mind. Hence, when any of them loses his/her capacity, the healthy partner would continue enjoying the power to sell, rent, and purchase property, close and open bank accounts on behalf of their incapacitated spouse.
An LPA for marriage is beneficial. It also enables the healthy partner to ensure that he/she can pay the medical expenses for the incapacitated spouse. When a Lasting Power of Attorney is in place, the healthy partner can continue to live with the minimum possible disruption.