Feed on
Posts
Comments

My vision is to create a cohesive group for my family of financial planners to better serve our clients. You may wish to read more in our page “Why our Blog”

Coming from a person who is suffering from a mild genetic disorder, I have experienced the importance of how insurance has dramatically shaped my life. My mission is to share with you readers the importance of Retirement Planning, Risk management and Wealth Management before we ever live to regret our lack of planning.

No one wants to outlive their money. No one plans to fail. Let us not fail to plan. Should you have any query, please do not hesitate to drop me an email - asoongch@gmail.com, Mobile - 96667946. As a family of agents, we are committed to providing you the best value - Alvin Soong


From 1st March 2010, one will be able to appoint trusted persons to make decisions on behalf in the event if one loses his/her mental capacity. That is when the Mental Capacity Act, passed by Parliament two years ago, takes effect.The Act caters to a group that is set to expand as Singapore’s population ages and rates of dementia increase.

This will be done via a new legal document called a Lasting Power of Attorney (LPA) - were revealed by the Office of the Public Guardian (OPG), the body that will maintain the LPA register and investigate possible abuse of duties. The donor (21 years old and above) can voluntarily appoint one or more persons to be his decision makers (donees) if - due to reasons such as brain damage, stroke or dementia - he becomes mentally incapable of doing so in future. The donor may decide which personal or property and financial matters to give the donee authority over.

Should there be no proxy decision maker, a Deputy may be appointed by the Court for the mentally-incapacitated person. Parents of those with intellectual disabilities may apply to be deputies; they may also appoint someone as successor when they die.

As to whether Singapore’s legal framework is robust enough to prevent a donee from abusing his duties, the OPG said whistle blowers who report suspected abuse in good faith would have their identities protected. A Board of Visitors may make house visits, and the OPG may also investigate cases of suspected abuse.

The penalty for ill-treatment leading to the death of a donor is a fine of up to $20,000, seven years’ imprisonment, or both. For other ill-treatment offences, the penalty is a fine of up to $4,000, four years’ jail, or both.

Trackback URI | Comments RSS

Leave a Reply