The Lasting Power of Attorney (LPA), which the Office of the Public Guardian has been encouraging our rapidly ageing population to sign up for, is aimed at protecting the interests of individuals who may lack the mental capacity to make informed decisions in future. It is also designed to encourage proactive planning.
As such, making the LPA more affordable will help.
Currently, the registration fee is $50 for an LPA that grants general powers to a donee, who is the person authorised to make decisions on behalf of the applicant if he should become mentally incapacitated in future.
The fee for an LPA that grants specific powers to a donee is $200.
This LPA also requires the applicant to hire a solicitor to draft the specific powers.
What is the rationale for charging such a high fee when most of the work has already been done by the applicant's solicitor?
The cost has deterred some of my friends and relatives from signing up for this LPA, which offers better protection than one that grants general powers to the donee.
Fong Hang Yin (Ms)
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