Three Treasures for the Elderly
It is prudent to plan ahead for the future legally and have your affairs organized according to your wish.
Treasure 1: Enduring Power of Attorney
The EPOA allows you to manage your finance in advance. By appointing attorneys, you can empower others to take care of your assets in case you become physically or mentally incapable. Establishing EPOA enables you to choose attorneys whom you trust and deem suitable, giving them instructions including but not limited to:
- Directing your attorneys to act either jointly or jointly and severally;
- Giving them the authority to collect income or capital due to you;
- Allowing them to act on your behalf to sell your property;
- Specifying the property or financial affairs that your attorneys can act on;
- Applying restrictions on the way your attorneys exercise their power;
- Stating the circumstances which can trigger the commencement of an EPOA.
Treasure 2: Will
The will is a private legal document for you to express your intention towards different matters in the event of your death such as distribution of assets, funeral arrangements etc. It is advised to seek advice from solicitors upon drafting of a will for compliance with legal requirements and formalities. A will
can alleviate family disputes through the provision of the following information, including (not limited to):
- Directing to whom assets are given;
- Setting up trusts for your children and spouse;
- Donating money to charity;
- Donating your organs for transplant.
Treasure 3: Advance Directives in relation to Medical treatment
AD is a legally binding document that enables you to give instruction on whether or not to receive life-sustaining treatment in situations where you are:
- Terminally ill;
- In a state of irreversible coma and/or persistent vegetative state.
Concluding an AD can alleviate your family’s anxiety with your clear implication of preference in receiving specific invasive medical procedures such as CPR, tube feeding, artificial ventilation, cardiac agents etc.
Weir & Associates can assist in drafting of the 3 Treasures for Elderly which would clearly set out your future intentions and instructions. We encourage clients to review their documents periodically to determine whether amendments are necessary to reflect changes in their lives such as additions of assets and address changes.
Deed of Temporary Guardianship
A deed of temporary guardianship (“DOTG”) is a legal document appointing someone as a temporary guardian of children when the permanent guardians (i.e. parents) are unable to take care of them. DOTG allows children to be in the custody of preferred individuals, providing instructions on guardians on matters such as:
- The place children should be raised;
- Education Goals;
- Funding for the children;
- Religion that the children should be exposed to.
Weir & Associates can advise in drafting of the Deed of Temporary Guardianship which clearly sets out your intentions and instructions for the custody of your children.