FINANCIAL HEALTH (2) from Living a Full Life by MMP, Oogachaga

Will Preparation

To ensure that your loves ones are protected after your death you need to leave a will.  If you don’t, any possessions will be passed on to your nearest family member by default.  This means that if you and your partner lived in an apartment you owned, he may have to move out should you pass away as it will then be owned by your nearest family member.  Therefore make sure you draw up a will early in life for better assurance to your partner and to avoid unnecessary disputes.

Lasting Power of Attorney

If you are concerned about who can look after your personal matters such as finance when you are older, seek advice from a gay friendly lawyer on appointing a Lasting Power of Attorney (LPA).  An LPA is someone who has the ability to make decisions, including financial on your behalf if you are unable to do so.  You may want this to be your partner, but it doesn’t have to be.  Make sure it is someone you trust!  This person can also advocate on your behalf to insurance companies and medical care providers.  Go to *Officer of Public Guardian website for more local information on this topic.

*Office of Public Guardians – http://www.publicguardian.gov.sg

Go to CPF Board Retirement Calculator – http://mycpf.cpf.gov.sg/Members/Retire-Plan-Games/Retire-Planner-Games.htm

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