Estate Planning Guide · Lasting Power of Attorney
Signing your LPA is not the finish line. What happens in the weeks and months after is what determines whether the document actually works when it is needed.
Many people treat the LPA as a task to complete — sign it, file it away, and forget about it. This is the single most common mistake in estate planning.
A signed LPA that has not been properly communicated, funded, or maintained is far less useful than one that has been carefully followed through. Here is what to do after the ink is dry.
After You Sign
None of these steps require a lawyer. They require your time, your honesty, and a willingness to have some important conversations.
Your donee must formally consent to the role. But beyond the legal requirement, they need to genuinely understand what they are agreeing to. This is not a phone call to say "I put your name on a form." It is a sit-down conversation about your values, your wishes, and what you would want in difficult circumstances.
Download the Wealth Legacy Donee Briefing — a complete guide to your donee's legal responsibilities, the boundaries of their powers, and what they should prepare before they are ever called upon.
If you would like support facilitating this conversation, I can meet with you and your donee together. Many families find it easier to have a third party present when discussing something this significant.
Your donee is not simply a trusted person with access to your affairs. Under Singapore's Mental Capacity Act, they have strict legal obligations — to act in your best interests, avoid conflicts of interest, keep your finances separate from theirs, and maintain proper records of every decision made.
A donee who does not understand these obligations may make costly mistakes — not out of malice, but out of ignorance. If your donee would benefit from a formal briefing, I can arrange that separately.
A donee who holds your power but does not know your wishes is like a driver with a key but no destination. Go beyond the document. Tell your donee what decisions you care most about, what you would not want under any circumstances, and what your priorities are for your care and your estate.
Your LPA is only as useful as the assets behind it. Knowing what you own — and where it is held — is what allows us to ensure your LPA sits on solid financial ground. Without this picture, planning around gaps becomes impossible, and your donee may spend weeks simply locating accounts and policies in a moment of crisis.
A Schedule of Assets does not need to be a sophisticated document. A clear, regularly updated record is sufficient. The section below covers exactly what it should include.
Life changes. You may sell a property, switch banks, surrender a policy, or receive an inheritance. Your Schedule of Assets should reflect where things stand today — not five years ago. I recommend reviewing it whenever there is a significant financial change, and doing a full update at least once a year.
An LPA is not a document you sign once and never touch again. Your donee may predecease you, or your relationship with them may change. Your family structure may shift. Your assets or health situation may evolve in ways that affect what you need from the document.
Revisit your LPA after any major life event — a marriage or divorce, the death of a donee, a significant health diagnosis, a major change in assets — or on a regular cycle every three to five years.
"The LPA is the lock. The Schedule of Assets is the map. The conversation with your donee is the trust that makes both of them work. None of the three is optional."
Step Four in Detail
A Schedule of Assets is simply a clear, current record of what you own and where it is held. It is not a legal form — but it is one of the most practically important documents you can prepare. Here is what it should cover.
Address, ownership type (sole / joint tenancy / tenancy in common), estimated value, outstanding mortgage. Include overseas property and note the jurisdiction.
Bank name, account type, approximate balance, sole or joint. Include foreign currency accounts and note any fixed deposits separately.
Brokerage accounts, unit trusts, bonds, SRS accounts — institution, account number, approximate value. Include overseas platforms.
Policy name, insurer, sum assured, cash value. Especially important for whole life and endowment plans. Note any premium financing arrangements.
Approximate balances across OA, SA, MediSave, and RA. Note: CPF nominations operate separately — they should be reviewed independently of your LPA and Will.
Shareholdings, partnership shares, directorships. Note any shareholder agreements, buy-sell clauses, or existing succession provisions.
Cryptocurrency holdings (wallet addresses only — never private keys in this document), digital investment platforms, PayNow-linked accounts. Note where access credentials are stored, separately and securely.
Vehicle type, registration number, owned outright or under hire purchase, outstanding loan amount if any.
Foreign bank accounts, overseas property, offshore funds. Note country and approximate value. These may require separate legal instruments in the relevant jurisdiction.
Jewellery, art, watches, antiques of significant value. Note estimated worth and physical location. If separately insured, note the policy details.
Outstanding loans, credit lines, mortgages, personal guarantees. A complete picture includes not just what you own, but what you owe.
Safe deposit box location and key holder. Club memberships that carry transferable value or outstanding dues worth noting.
Donee Briefing · Free Download
Download the Wealth Legacy Donee Briefing — a complete guide to your donee's legal responsibilities, the boundaries of their powers, and what they should prepare before they are ever called upon. Written in plain language, designed to be shared directly with the person you have appointed.
Need Help Working Through These Steps?
Whether you need help preparing your assets schedule, briefing your donee, or simply understanding what comes next — reach out and we will work through it together.
Speak with Pei Xian