This is an interesting new service, which is useful for consumers.
http://www.publicguardian.gov.sg/PrePlan/HowCanIMakeaLastingPowerofAttorney.aspx
My friend told me that there are practical problems in finding a certificate issuer, but I think that this problem can be overcomed.
Dear Mr Tan
ReplyDeletemy dad just signed this in the presence of our lawyer. and the lawyer will be the cerificate issuer.
this is almost hassle free.
regards
Mr Han
This type of arrangement isn't for average income earners who can't afford or won't fork out the thousands of dollars in fees. They only have flats, bank accounts, insurance policies and CPF. They'd just go for joint ownership, joint account and nominated beneficiary.
ReplyDeleteHigh net worths usually won't go for that too if they're properly advised. The risk is in the earlier demise or incapacitation of the attorney-in-power. They'd go for setting up a trust.
I've handled such cases as assistant to my boss in US. Many banks in Singapore offer such services too. But they won't entertain if your net worth is below a million. Even if they do, you'll find the cost as high as a whole life insurance policy.