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Key basics of the LPA
What is the LPA?
What is the difference between a personal welfare Donee and a property & affairs Donee?
What kinds of LPA will Banks accept?
Where the Donor maintains a Sole Proprietorship account with the Bank, does the Donee have the right to manage the Sole Proprietorship account on behalf of the Donor?
Processing of Donee instructions
If there is more than one Donee, how would the Bank process instructions?
If there is more than one Donee and there are conflicting instructions, whose instructions will be taken?
Will the Bank monitor the Donee’s/Donees’ transactions to ensure that they comply with their duties?
Will the Bank monitor and check on the Donor’s mental capacity to confirm whether he/she is still mentally incapacitated?
If a Donor has regained mental capacity, can he/she immediately start operating his/her own account?
If the Bank is notified that a Donor has passed away, will the Bank continue to take instructions from the Donee(s)?
Effect of an active LPA on Bank facilities
Upon use of the LPA, will there be any impact on the terms and conditions governing the Donor’s account and/or investments?
Will the Bank issue an ATM card or allow the Donee(s) access to internet Banking or mobile Banking services?
What will happen to a Donor’s credit/debit cards?
What will happen to a Donor’s investments with the Bank?