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The Daily Ketchup
A Viewer Asked Us: ‘Who Should Control My Life If I Can’t?'
What is a Lasting Power of Attorney (LPA) and why do all working adults need it ASAP? If both spouses die simultaneously without writing a will, whose parents will the assets be distributed to? Can money and inheritance really tear apart a “perfect”, loving family?
In today’s podcast, we take a deep dive into why you NEED an LPA as a working adult and why it is a key component of retirement planning, financial planning and estate planning. We also share our own take on a viewer’s dilemma about who to appoint as the donee and executor of her LPA and will—her older child, who has different values when it comes to money, or her younger child, who tends to be more reliable but lacks financial knowledge. We discuss some of the key considerations, including the pressure it places on the donee to manage the inheritance prudently, the effects money could have on relationships between family members, and the option to distribute the LPA to both parties to minimise conflict.
What would you do if you were the donor? Share your thoughts in the comments section below! 🧠
LPA definition from HealthHub: A Lasting Power of Attorney (LPA) allows you to appoint someone you trust to make decisions and act on your behalf if you lose the mental ability or mental capacity to make decisions for yourself, like in the event of a stroke, mental illness or accident. It gives you and your loved ones certainty and peace of mind.
#lastingpowerofattorney #lpa #willwriting #wills #trusts #financialplanning #estateplanning #legacyplanning #retirementplanning #personalfinance #singapore #dailyketchup #trending
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