Human Rights Law Firms Nyc
What would be the implications for your Human Rights Law Firms Nyc and other dependents if accident or illness rendered you mentally incapacitated? This is a horrible question to have to ask yourself but sadly an important one nonetheless. People usually associate a Lasting Power of Attorney (LPA) with terminal illness or old age but the unexpected can strike when you least expect it. Yes, all this sounds very depressing. But knowing that your loved ones will be fine, if you were incapacitated, will provide the peace of mind and it will put aside all such negative thoughts and focus on enjoying your life.
Typical issues for mental incapacity will be Alzheimer’s and Dementia. The occurrence of dementia in Singapore, those aged 65 years and above in year 2005 was 22,000. By 2020 it is projected the figure will increase to 53,000 and by 2050 the projected figure will further increase to 187,000.
This can be particularly distressing for the Human Rights Law Firms Nyc of sufferers. But in such situations, if a Lasting Power of Attorney (LPA) has been established, a friend or relative can at least act on behalf of the sufferer to ensure that financial affairs are managed.
Coping With Alzheimer’s and Dementia With Lasting Power of Attorney
It makes sense to give consideration to establishing an LPA at the same time as you create your Will as much of the required activity is very similar. Like creating a Will, if left too late, friends and relatives who need to carry out any financial affairs for the sufferer must nominate a Proxy Decision Maker which will be appointed through the court. This can be a long and expensive procedure.
Human Rights List is a misconception that an LPA is something only the elderly should consider. Mental illness can strike at any age as can other incapacitating events. Having an LPA in place is a small price to pay for peace of mind Human Rights Law Firms Nyc that your financial affairs will be in order should you be unable to manage them yourself.
So what is a Power of Attorney and how does it work?
A power of attorney is, generally speaking, a document where you give another person (your attorney) the authority to manage your affairs and act on your behalf.
In Singapore, the Lasting Power of Attorney (LPA) is defined as: “A legal document which allows a person who is at least 21 years of age (the ‘donor’) and who has mental capacity, to voluntarily appoint one or more persons (‘donee or donees’) he trusts to act and make decisions on his behalf if he should lose mental capacity one day.” – The Mental Capacity Act came into effect on 1 March 2010.
To sum it up, the LPA is done to protect the interests of those who have lost mental capacity and have become vulnerable. This Act then enables families to plan ahead and gives them the power to make choices for their future in the event they should lose their mental capacity.
It is crucial therefore to ensure you seek appropriate legal assistance when drawing up a Lasting Power of Attorney to ensure it is written in a way which achieves your wishes and to a greater extent part of your comprehensive Estate Plan.