Power of Attorney in Singapore
Power of Attorney is the document of authority you give to someone to look after your assets if you become mentally or physically incompetent to perform all your tasks in your later years. Due to the legal complications associated while preparing documents of this nature, it is indeed strongly recommended to hire a lawyer.
The person who does prepare the Power of Attorney is being referred as “Donor” while the person who has been given the authority via the POA is being referred as “Donee”.
There are indeed different types of POA depending on the features respectively specific for each and every type. The trustee can regulate the amount of the power to be provided on to a Donee using this document.
Power of Attorney is executable in a foreign nation subject to the manuscript complying with the explicit regulations pertaining to the document in that specific foreign territory.
There are six types of POA that are currently available in Singapore:
General Power of Attorney
As the word ‘general’ implies – this kind of POA document does grant access to all the powers generally inscribed in the document to the Donee which include-access to safe deposit boxes, setting up trusts, buying and selling the property and many more. This is generally valid on the conditions specified in the document itself.
Specific Power of Attorney
Again as the term specific implies, this kind of attorney is indeed the opposite of the General Power of Attorney, restricting power to only perform certain tasks that would be predominantly indicated in the document until it is being annulled by the court.
Non-durable Power of Attorney
This document is exclusively for only a short-term transaction which has an expiration period. This is indeed required when the Donee is unable to handle the power of attorney due to mental or physical disability.
Lasting Power of Attorney
Unlike the non-durable POA, this POA does continue to exercise its clauses even after the Donee is incapable of handling it due to mental or physical disability. This can be nullified by the Donee directly once he is back to normal health or at the event of the Donee’s death. This is generally used to cover the health and also other medical decisions maybe like turning off the life support system if the patient has rarely any chances of survival.
Springing Power of Attorney
Conditional POA, which is only put in to use only on a specific circumstance otherwise it is considered as void.
HDB Power of Attorney
This is only valid when the homebuyer cannot attend the meeting with the property owner in order to collect the keys for the house maybe because he is traveling abroad while the meeting was supposed to take place or due to any inescapable situations. Generally, this is not just restricted for home buying but is also widely used for sales agreement, option to purchase, agreement to lease between two different individuals/groups if one of them is unable to attend to the due meeting again due to unavoidable circumstances.