10 things to know about pre-planning
Why pre-planning may be the most important gift you can give yourself and your loved ones
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Pre-planning terms to know: |
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• Lasting Power of Attorney (LPA): Lets you appoint someone on your behalf to decide on your welfare, property, and finances when you no longer have the mental capacity to make decisions for yourself • Advance Medical Directive (AMD): Authorises doctors to not prolong your life when you become terminally ill • Advance Care Plan (ACP): Allows you to plan your future medical treatment goals and nominate your healthcare spokesperson |
Pre-planning for things to be implemented when you are unable to act for yourself, or what you want done once you’ve met the reaper and hobbled off to the great beyond. If you are a parent, beginning to plan for the end is even more crucial. After all, the stakes are higher if you pass away. “This is when you start thinking about the welfare of your children who are totally dependent on you. Who do you trust to take care of them? How much money will they need? |
What is End-of-Life planning?
End-of-life (EOL) planning involves more than just a will. EOL planning, on the other hand, covers the following two main segments:
1. The terminal phase of life
2. What happens after you pass away
The first segment covers a broad range of areas, as well as certain scenarios, including the possibility of still being alive, but losing mental capacity in the following areas:
1. Financial
2. Health/ Medical decisions
3. Personal wishes
4. Social
5. Administrative (archive of all important documents, bank accounts, insurance policies, asset list, etc.)
The second segment involves your decisions on the disposal of your estate, and any messages you would like to leave behind for any specific person. It is important at this point too, to state your underlying belief system and personal philosophy. This allows your loved ones to act on your wishes in a manner that you desire.
That said, writing your will is a good start to pre-planning. Following that, you may want to start thinking about signing your LPA, your AMD, and discussing your ACP – which is like a living will.
With these in mind, read on to find out more about pre-planning as shared to us by Emergency Physician Dr Cheah and Dr Ong, Head of Customer Medical Experience at Great Eastern.
Where do I go to start Pre-planning?
A good starting point is https://mylegacy.life.gov.sg. This one-stop portal guides you through planning instruments such as creating a will, drafting an LPA, preparing an ACP, and making nominations for your Central Provident Fund. It also advises you on things to consider when drafting a will and documenting funeral wishes. Alternatively, you can visit a lawyer to plan your will, and sign your LPA or AMD with your doctor. There are also private agencies which can help.
Preparing your LPA costs between $75 and $250 for the application, and about $50 to $100 for the certificate issuer (doctor or lawyer) to sign the document. Preparing your AMD costs between $50 and $100. You can do this at the doctor’s office.
Rather than think of pre-planning as morbid, consider how doing this can help your family in the future. As Dr Cheah says, “It is never too early to plan your end-of-life. By making those plans, you will also realise how you want to live this life, and make the best out of the beautiful opportunity that you are given as a parent.”
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