In Singapore, a power of attorney is provided to military spouses when their service member deploys. These assignments make the spouse the sole beneficiary essentially to all assets and real property. The assignment allows them to utilize all assets as if they were the service member. The following is an assessment of what a power of attorney in Singapore provides a military spouse.
Immediate Access to Bank Accounts and Savings
The military spouse gains full control over the military member’s bank accounts and savings. The spouse can utilize these assets to pay expenses such as mortgage payments, utility costs, and to acquire necessities. They do not have to report their expenditures or explain how they choose to utilize these assets.
The Use of Any Credit Cards
If the service member has credit cards, their spouse has the legal right to use these lines of credit however they choose. They are, of course, limited to the credit limit imposed by the creditor. However, they are required to submit regular payments as the service member would. They cannot, however, start any new lines of credit in the service member’s name.
Access to Retirement Funds and Survivor Benefits
The military spouse can gain access to retirement funds based on the duration of their solider’s military record and current status. If the service member dies in action, the spouse can acquire survivor benefits faster with this assignment. This can also enable them to utilize any disability benefits that were afforded to their soldier.
The Legal Right to Sell Any Assets or Real Property
The power of attorney also provides the spouse with the legal right to sell any assets owned by the service member. They can sell real property and automobiles through this power of attorney. However, if the service member chooses, they can apply certain provisions for the assignment.
In Singapore, a power of attorney is provided after a service member is deployed. The assignment enables their spouse to make all decisions about the service member’s assets and funds. These assignments allow the spouse to use these assets in the same manner as the service member did. Military spouses that need to acquire a power of attorney in this area contact an attorney now.