Some citizens of Singapore are diving into a new pool of assets and are left questioning what they should do to allocate its resources. An attorney is an obvious resolution, but it would require a power of attorney status to get very far. Attorneys may demand it. Many may often ignore will allocations and asset protections because they have too many risks involved if they are not the active power of attorney.
What is power of attorney?
Power of attorney is offering a legal representative the right to do tasks related to the will and assets that one would only be able to do directly. This is done because other sources, such as lawyers, have more working knowledge and insight about the legal manners and needs.
What is a durable power of attorney?
A durable power of attorney means that the power of attorney status given to someone remains intact if the originator was incapacitated in some way. If they could not speak directly for themselves through an injury or illness, the power of attorney status remains in place.
Is it risky?
There are not a lot of instances where powers of attorney have taken advantage of their new “abilities” because Singapore law still restricts them from certain activities without asking clear permission. For example, a power of attorney can’t just take money from an account. With that said, they could go around this. It isn’t likely because their career would be over (as well as the potential of serious legal repercussions) but it is a mild risk.
What can be done?
There are many resources available to clients who think they are being stolen from through an abusive power of attorney. Again, in Singapore, this matter is rare. But, citizens have resources, such as the Singapore Bar.
The above is only a brief review of what power of attorney in Singapore includes. It is a complicated process, may more complicated by Singapore law and the often restrictive ability to allocate finances and determine assets. Speak with a power of attorney in the city soon to receive some much-needed clarity about the process.