In Singapore, the procedures involved in obtaining the Power of Attorney depend on the type. One IBC Singapore provides professional consultations to make this procedure easy and take all the rules and regulations conveniently. Here is the general guide:
1. Decide on the Type of Power of Attorney
There are two main types of POAs in Singapore:
- General Power of Attorney: This gives general powers regarding your property or affairs.
- Special Power of Attorney: Stating only a particular transaction, such as a property sale or managing finances.
2. Seek a Lawyer
You have to engage a competent lawyer to prepare for you a legally valid POA. Lawyers can:
- Draft the POA document to suit your requirements.
- Ensure it meets the legal requirements of Singapore.
Lawyers can be found at law firms or through platforms like the Law Society of Singapore.
3. Get the POA Signed and Witnessed
Once drafted, the POA must be:
- Signed by the principal-thus the person giving the power.
- Attested to by an attorney or notary public.
Additional requirements may be made by the Singapore Land Authority if the POA involves property transactions.
4. Register the POA (if required)
In property-related businesses, the POA requires being registered with the Singapore Land Authority. The application can be done:
- Online: By using the SLA’s online portal.
- In-person: At the SLA office.
For other types of POAs, registration is not always mandatory but is highly recommended for legal clarity.
5. Provide Copies to Relevant Parties
Provide POA after it is executed for concerned institutions like banks, government agencies, or business associates so that they are aware of your authorized representative.
It is very important that the person who issues the POA is of sound mind when it is executed. A standard POA takes effect when granted. In contrast, the Lasting Power of Attorney (LPA) that falls under the Mental Capacity Act is preventive and has to be registered with the Office of Public Guardian to take effect.