facebookShould I be get my parents do a Lasting Power of Attorney (LPA) and I being the donee? - Seedly

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rogersk

26 Jun 2021

βˆ™

Insurance

Should I be get my parents do a Lasting Power of Attorney (LPA) and I being the donee?

My parents are not getting any younger. Should I get my parents to do a LPA and I being the donee? So that I can assist in making decisions that require both my parents' signature, but they are unable to do so as one of them is medically unfit to do so? With the LPA, I can be the second signature.

I saw on MSF website that it's quite an easy and affordable process.

Any advice on this? Yes I am above 21 and am legally allowed to be a donee.

Appreciate the advice. Thank you!

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Kylie Ng Kai Li

26 Jun 2021

Senior Premier Consultant at AIA Insurance Pte Ltd

Hi, this is a tricky and might be a sensitive topic (depending on how open your family are regarding this). Having LPA done up is certainly important as it is different from doing up a will as well.

The reason why it is sensitive is because, being a donee have the rights to make decisions for the donor (even down to what they eat and if what you do with their money in the event when the donor loses mental capacity). There are two aspects when it comes to deciding who is the donee (should be decided by your parents).

One area is on the financial affairs which would be important to have a donee who is financial literate and another area is the health and care affairs where it comes down to even deciding where the donor should stay and who should take care of the donor etc.

And most importantly, to get someone who would be able to act in the best interest and have the trust of the donor.

Do let me know or connect with me on LinkedIn if you have more questions or need help regarding this topic.

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