QC - Understanding the Legal Dimensions of Financial Literacy: Power of Attorney

QC - Understanding the Legal Dimensions of Financial Literacy: Power of Attorney
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Québec edition

 

What is an Incapacity Mandate?

  • An incapacity mandate is a legal document that gives someone else (the mandatary) the power to make decisions about your property and personal care if you (the mandatory) become mentally incapable.
  • You must be mentally capable to sign an incapacity mandate.
  • You can appoint more than one person. For example, you may want one person to take care of you and another person to take care of your property. 
  • You can also name a substitute in case the first person you choose is unable to act for you.

Why is an Incapacity Mandate Important?

  • Having an incapacity mandate means YOU choose the person who will make decisions about your care and property when you are unable to.
  • The choices you express in your mandate (while capable), typically override any alternate arrangements someone may make for you.
  • If you do not have an incapacity mandate, someone else could be appointed to take care of you and your property.
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National Initiative for the Care of the Elderly (NICE)
246 Bloor Street West, Room 234
Toronto, Ontario M5S 1V4, Canada