Hi friends,
Recently, there was a case reported by The Straits Times that caught my attention.
An 86-year-old woman had previously set up a Lasting Power of Attorney.
But later, the court stepped in and revoked it.
Reference article below 1
At first glance, it may seem like an unusual situation.
But it highlights something important.
When it comes to decision-making later in life, things are not always as straightforward as we assume.
💡 Mistake #6: Not Planning for Incapacity
Most people think estate planning is about what happens after we pass on.
But there’s another situation that is just as important.
When you are still alive…
but unable to make decisions for yourself.
In Singapore, without prior arrangements in place, even close family members may not have the legal authority to act on your behalf.
This can affect:
• managing bank accounts
• making healthcare decisions
• handling financial matters
And even when arrangements are made, the choice of who is appointed — and how clearly things are structured — matters.
I’ve seen families who assumed they could step in and manage things when needed.
But when the time came, they realised the process was not as simple as expected.
The difficult part is this.
During moments like these, time and clarity matter.
But without prior planning, decisions may be delayed, and the process can become stressful for the family.
A simple way to think about this:
Estate planning is not just about what happens after life.
It is also about protecting your ability to be taken care of during life.
In Singapore, this is where arrangements like a Lasting Power of Attorney (LPA) come in.
It allows you to decide in advance who can step in to make decisions if you are unable to do so.
It’s not a complicated step.
But it’s one that many people only think about when it’s already too late.
In the next email, I’ll share the final estate planning mistake — one that many people overlook even after putting everything in place.
If you would like a professional review of your estate plan and wealth structure, you’re welcome to reach out.
In a Legacy Playbook conversation, we typically:
• review your current wealth structure (CPF, property, insurance, investments)
• identify potential gaps or blind spots in your estate planning
• map out a simple legacy plan for your family
Happy to share how most families in Singapore structure their plans.
To a strong and lasting legacy,
Edward Shee (施文山)
CFP®, MDRT 2023 / 2025, IBFA, AEPP
Associate Director, Financial Advisory
RNF No: SBS200040073
Synergy Financial Advisers Ltd
M +65 9048 2463 | W [email protected]
A 51 Bras Basah Rd, #07-03, Lazada One, Singapore 189554
1 Reference Artice: https://www.straitstimes.com/singapore/courts-crime/judge-revokes-86-year-old-womans-lasting-power-of-attorney-granted-to-older-brother
Disclaimer
The information provided in this article is for general informational and educational purposes only and does not constitute financial, legal, or tax advice. The views and opinions expressed are those of the author and do not necessarily represent the views of Synergy Financial Advisers Pte Ltd.
Financial planning decisions should always be made based on your individual circumstances. You are encouraged to seek personalised advice from a qualified financial adviser before making any financial or estate planning decisions.
Edward Shee Boon Sun is a licensed representative of Synergy Financial Advisers Pte Ltd.