If you become mentally incapable of controlling your own affairs then your next of kin must apply to the Office of the Public Guardian (OPG) for authority to take over your affairs. The application is a lengthy and costly legal procedure.
The purpose of a Lasting Power of Attorney is to enable you to decide who will deal with your affairs if you become mentally incapable. This also avoids the complex procedure in applying to the OPG and hence reduces costs and expenses.
If a person has made an ordinary Power of Attorney, it loses its validity when the person creating it loses the mental capacity to manage his or her own affairs.
A Lasting Power of Attorney can also deal with issues relating to medical treatment or other welfare issues in addition to financial issues.
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