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Anticipating an Inability
Becoming mentally incapacitated
is not a joyous prospect. However, it is a risk of life and may happen
at any time. If, because of an illness or accident, you became incapable
of taking care of yourself and administering your business, who would
do so in your place and how? A mandate given in anticipation of incapacity
(or a power of attorney for property or for personal care) answers these
questions.
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Why?
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With a mandate given in anticipation of incapacity,
you ensure that in the event of mental incompetency, your business will
be entrusted to the person of your choosing whom you consider best able
to administer your business and ensure that it is operated properly. This
person need not be the person who will take care of you. You may appoint
different mandatories for your property and your person. If your spouse
is the person who is best able to take care of you, you may want to appoint
someone else who is more qualified or has more time to replace you as
head of your business.
Specify in your mandate the powers you delegate
to each person. The more detailed your mandate, the more fully your wishes
will be respected. In this way, your loved ones will not have to make
this delicate choice, and arguments can be avoided.
This information is presented for information
purposes only and should not be considered to be legal or financial advice.
For further information, contact a legal or financial advisor.
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