As indispensable as the will
THE MANDATE IN CASE OF INCAPACITY
No time to be sick? Of course not. There's so much to do: run a business (“If I'm not there, nothing gets done and, anyway, I'm the one with all the important information.”), take care of rental properties (see to it that the superintendent does a good job, collect rent, rent vacant apartments, etc.), drive your oldest daughter to her hockey games and, maintain your friendships, not to mention the occasional romantic outing with the spouse, who “puts up with” all your absences.
The little cold that gets you down from time to time is nothing, but imagine an accident serious enough to keep you bed-ridden or deprive you of all your mental faculties. What would happen to the company, rental properties, daughter and spouse? Have you made any plans in the event of such a mishap?
An accident, your body's reaction to stress or the simple aging process can leave you unable to carry on with your daily activities, whether temporarily or permanently. For people who care for others (a disabled child, elderly parent, etc.), the effects of such a situation can quickly take a dramatic turn.
In addition, the wealth you have accumulated may dwindle away rapidly if you have no contingency plan.
There is a way to protect against this type of catastrophe : the mandate in case of incapacity. This document spells out plans and instructions in the event of a serious illness, accident or loss of independence. Notaries encourage Quebeckers to plan for these eventualities together with them, while they are of sound mind and body. Experts in wealth protection, they are the ideal professionals to consult about the ways to ensure your physical and financial security and that of your family.
Continuity of activities
The mandate in case of incapacity ensures the continuity of your financial structure, since income must continue to come in. It also determines who will manage the income and who will look after your health and the needs of family members. If your children are minors and have no other living parent, a guardian may be designated.
Notaries draw upon their vast professional experience to establish customized mandates in case of incapacity for their clients. First, they examine a number of issues: Is it preferable to have more than one person manage the client's affairs? Should one ore more replacements be designated? Should specific powers be granted to such representatives? Should detailed instructions accompany the mandate?
Your notary can discuss these choices with you and help you realize that, for example, your wife is perhaps not the best person to deal with your tenants, or that your 18-year-old son is probably not yet ready to take over your business or take care of his grandfather, who is living with you.
Your notary will encourage you to prepare your wealth inventory if you have not already done so, so that the managers you designate will be fully awareof your financial situation and know not only what investments you have made, but also where they are located. In this way, they will be able to do an effective job in the event you are incapacitated.
Since the notary will register the mandate in case of incapacity, it will be easy to track it down, should it ever be needed. In the absence of a mandate, the court will appoint a representative and establish protective supervision for the administration of the property and for the care of any incapacitated person.
In the daily race against the clock, it would be wise to somehow find the time to devote to this exercise. You and your loved ones will benefit from your proactive move!