On 10 September 2011, the Straits Times entitled "665 appoint guardians: Mental Capacity Act" reported that 665 individuals have submitted their Lasting Power of Attorney (LPA) to the Office of Public Guardian (OPG). The OPG was setup 1 ½ years old ago. Of the 665 individuals, two-thirds were from the age range of 35 and 70 years old. My comments:
The age range demonstrates that the majority who did their LPA were not ‘old’. Perhaps one reason is due to self-selection bias in the sense that those who have reached their age of seniority may no longer have their mental capacity to do their LPA. It is also a reminder that generally any financial planning can only be done when one has the mental capacity to do so. This applies to all aspects of financial planning such as risk management (insurance), retirement planning and estate planning.
Personally, I incorporated the ......
On 10 September 2011, the Straits Times entitled "665 appoint guardians: Mental Capacity Act" reported that 665 individuals have submitted their Lasting Power of Attorney (LPA) to the Office of Public Guardian (OPG). The OPG was setup 1 ½ years old ago. Of the 665 individuals, two-thirds were from the age range of 35 and 70 years old. My comments:
The age range demonstrates that the majority who did their LPA were not ‘old’. Perhaps one reason is due to self-selection bias in the sense that those who have reached their age of seniority may no longer have their mental capacity to do their LPA. It is also a reminder that generally any financial planning can only be done when one has the mental capacity to do so. This applies to all aspects of financial planning such as risk management (insurance), retirement planning and estate planning.
Personally, I incorporated the ......
