In Singapore, circumstances may arise where an individual will need a power of attorney. These authorities enable them to retain control over certain assets, properties, or make important decisions. These circumstances could apply to estates, health care requirements, and commercial businesses. The following is a review of circumstances in which a power of attorney is needed.
Management of Health Care Plans for Others
A power of attorney is provided to a health care proxy. Through a health care plan set up by an estate owner, a power of attorney is provided to this proxy. This gives them the authority to make certain health-related decisions after the estate owner is incapacitated. They may also obtain control over certain assets to manage the cost of the owner’s medical expenses.
Spouses of Deployed Military Personnel
When a military husband or wife deploy, they need to provide their spouse with a power of attorney. This authorization gives them full access to their spouse’s assets including their checking and savings accounts. It gives the spouse the right to sell property and make all decisions about the marital assets. They don’t have to worry about following more instructions or facing restrictions.
Managing an Estate
A power of attorney is also provided when a family member must manage an estate. These assignments are provided when the family member is providing assistance to the estate owner. For example, they are providing daily care for the owner instead of admitting them into a nursing home.
Management of Businesses
A power of attorney can also provide certain authority over business operations and decisions. If the owner cannot make decisions on their own due to incapacity, they must appoint a new owner or limited authority. The family member acquires the right to use the business assets to pay for expenses.
In Singapore, circumstances may arise when a property owner cannot manage their assets. This is true of individuals who were diagnosed with life-threatening or progressive diseases. They need someone they trust to manage their estate or business. Spouses of deployed service members will also require this authority. Anyone who needs to acquire a power of attorney should visit irblaw.com.sg today.