I started serious Investing Journey in Jan 2000 to create wealth through long-term investing and short-term trading; but as from April 2013 my Journey in Investing has changed to create Retirement Income for Life till 85 years old in 2041 for two persons over market cycles of Bull and Bear.

Since 2017 after retiring from full-time job as employee; I am moving towards Investing Nirvana - Freehold Investment Income for Life investing strategy where 100% of investment income from portfolio investment is cashed out to support household expenses i.e. not a single cent of re-investing!

It is 57% (2017 to Aug 2022) to the Land of Investing Nirvana - Freehold Income for Life!

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Saturday, 12 July 2014

Application forms for Lasting Power of Attorney simplified, registration fees waived

Read?  Book: Mental Healthcare Of The Elderly

CW8888: Dementia is real and can happen to us.

Even you have $XXX,XXX or $X,XXX,XXX passive income also no use as you don't know what is money. How to manage your money?

We need  Lasting Power of Attorney (LPA).

After seeing my late FIL and now my MIL in the state of dementia. It can only get worse. It is terrible scary!

Don't just pray, pray! 

Take action in Sep this year.

SINGAPORE: The government is trying to encourage more Singaporeans to make an application for a Lasting Power of Attorney (LPA).

That's when one legally appoints another person to make decisions and act on his behalf, in the event he's mentally incapacitated.

Forms have been simplified, taking away legal and technical jargons, and the $50 registration for applications have also been waived for the next two years.

Applicants though will still need to pay professional fees charged by LPA certificate issuers, such as accredited General Practitioners and lawyers.

Fees for this cost at least $50.

However, registration fees still apply if an applicant needs to customise his LPA.

To make it more convenient, SingPost will offer free postal service for the submission of forms, also over the next two years.

The changes come after feedback about the LPA, since it was launched four years ago.

The new initiatives kick off from September this year.

So far, over 6,000 people have made applications.

The LPA was introduced as part of the Mental Capacity Act, taking into account Singapore's ageing population.

The aim is to get people to plan ahead, while they still can - to identify a trusted person they can rely on, to settle their affairs, should they ever lose their state of mind.

This could be if dementia strikes, if a person has a stroke or if he suffers head trauma, as a result of an accident.

Without an LPA, there is often a long and cumbersome court process involved, when decisions on personal welfare or assets have to be made, for a person who's lost his mental capacity.

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