As the years go by, it’s important to be prepared for unexpected events that could affect your well-being. By planning for your future needs before problems arise, such as health concerns, you’ll be able to make informed decisions. It may therefore be beneficial for you to better know certain documents that will enable you to enforce your wishes and avoid possible complications for you and your loved ones in the event of illness, accident or death.
Power of attorney, will, protection mandate, inventory of assets: it can all get really hard to navigate. Below is a presentation of the documents available in your home province, which could be very useful to you, as well as the specific features of each.
La procuration
Allowing people you trust to do certain things for you
Do you have an injury or physical deterioration that makes it more difficult for you to get around? Are you travelling abroad for an extended period, which would prevent you from carrying out potentially necessary banking transactions? Do you feel like you need help with managing your finances? Under these circumstances, you could get help by signing a power of attorney.
7 things you should know about the power of attorney
- It’s a contract between you (the mandator) and the person you designate as the attorney (or mandatary) authorizing them to do certain things on your behalf, including administering your property for you.
- The power of attorney may or may not be for a specified period.
- A power of attorney signed by a person who is not of sound mind or who did not understand what they signed would not be legally valid.
- In general, a power of attorney is given in writing and you can do it alone or with the help of a notary or lawyer.
- The power of attorney doesn’t make you any less liable for decisions made on your behalf and your attorney doesn’t become the owner of your assets or possessions. It’s still your responsibility to monitor the transactions carried out by your attorney to ensure that they meet your needs and expectations.
- A power of attorney can be cancelled at any time.
- A power of attorney can end when a protection mandate is homologated, or made “official” by the court, unless the mandate keeps the power of attorney in place.
There is a power of attorney that is only for your banking transactions at the caisse
You can sign a power of attorney strictly related to your banking transactions at the caisse in the presence of your attorney and your advisor using the power of attorney form provided by the caisse.
This power of attorney allows the attorney to manage only the open accounts associated with your folio number, but be aware that you’ll still be responsible for your accounts and the transactions carried out. It’s still your responsibility to monitor the transactions carried out by your attorney to ensure that they meet your needs.
Just like the global power of attorney, this specific one can be cancelled at any time and will end when you or the attorney become incapable or die.
Protection mandate
In case of incapacity
No one is immune to conditions beyond their control. To prevent unfortunate consequences that could result from a loss of autonomy or an inability to make decisions for yourself, the protection mandate can be an essential tool.
4 things you should know about the protection mandate
- Formerly known as mandates in case of incapacity, a protection mandate is a document that lets you choose who will make decisions for you if you are no longer able to take care of yourself or your property.
- You list certain guidelines for enforcing your wishes, particularly with regard to your well-being and assets, 2 aspects that can be entrusted to different mandataries if you wish.
- You may notarize your protection mandate or officialise it in front of witnesses. However, you can change your mind and update your protection mandate, or you can make a completely new one, if you are not incapacitated.
- Your protection mandate takes effect only when you become incapacitated and a court makes your mandate “official”, which is called “homologation”.
Advance medical directives
While a notarized protection mandate may include certain instructions about end-of-life care, you may also want to consider drawing up advance medical directives - External link.. They let you choose now what healthcare treatments you might want to accept or refuse in the future. They’re also easier for healthcare professionals to access than a protection mandate.
The wishes expressed in a protection mandate are not considered advance medical directives under the Act Respecting End-of-Life Care. In a situation where both apply, your advance medical directives will take precedence over your protection mandate.
You can ask your notary to draft your directives at the same time as your will and protection mandate, or you can use the form on the Quebec government’s website.
For more information, visit the Quebec government website - External link. and the Chambre des notaires du Québec website - External link
Power of attorney and protection mandate: key takeaways
- The power of attorney comes into effect when the contract is signed, but the protection mandate only comes into effect when it is approved by the court, once the mandator’s incapacity has been demonstrated.
- The power of attorney is limited to the administration of assets and requires that you always be able to make decisions for yourself to be valid. As for the protection mandate, it can affect both the administration of assets and the protection of the person, so it’s used in cases where you are deemed unfit to make decisions for yourself.
Inventory of assets
Taking stock
When you prepare a personal inventory of assets and important documents, you gather in one place all the information that your loved ones would need if they had to manage your assets, in the event that you were no longer able to do so yourself. The information in it may also be required to complete your estate planning.
4 things you should know about asset inventory
- The asset inventory is a must-have document that simplifies the transmission of important personal information to your loved ones, whether it’s during your lifetime or after your death.
- While being optimal for estate planning, an inventory of assets is also of great use for your potential attorney or mandatary, and essential for your estate liquidator.
- This document generally includes your personal information and information on your advisors, legal documents, home, real estate and other assets.
- You can download and complete our inventory of assets form in PDF.
The will
Ensuring that your wishes are honoured
Wills are not the most exciting topic. That’s why a great deal of people prefers to put off this task, or never even think about it. If you don’t already have a will, know that by preparing one, you will ensure the proper execution of your last wishes with respect to the distribution of assets and the appointment of your heirs. You also benefit from more organized estate planning that could reduce your heirs’ taxes and avoid conflicts.
4 things you should know about wills
Power of attorney
Allowing people you trust to do certain things for you
If something unexpected made you mentally incapacitated, would you like to have someone enforce your wishes regarding desired medical care? Are you travelling abroad for an extended period, which would prevent you from carrying out potentially necessary banking transactions? In such circumstances, you may be able to get help by signing a power of attorney - External link. for personal care and/or a continuing power of attorney for property.
Continuing power of attorney for personal care
The power of attorney for personal care is a contract by which you give someone (the attorney) the power to make decisions on your behalf regarding your personal care in the event that you become mentally incapacitated. Decisions can be about healthcare, nutrition, where you’ll live and the type of medical treatment you’ll receive.
5 things you should know about the power of attorney for personal care
- our attorney must be 16 or older and be mentally capable of making decisions related to your personal care.
- The power of attorney may or may not be for a specified period.
- A power of attorney signed by a person who is not of sound mind or who did not understand what they signed would not be legally valid.
- This contract is in writing and must be signed in the presence of 2 witnesses (excluding the attorney per se).
- A power of attorney can be cancelled at any time.
Continuing power of attorney for property
The power of attorney for property is a contract between you and the person you designate as the attorney (or mandatary) authorizing them to do certain things on your behalf with respect to your financial transactions, among other things. This power of attorney gives them the legal right to make a budget, manage your income and bills, conduct banking transactions, file your tax returns, protect your valuables and sometimes even lay legal claims on your behalf.
5 things you should know about power of attorney for property
- our attorney must be 18 or older.
- The power of attorney may or may not be for a specified period.
- A power of attorney signed by a person who is not of sound mind or who did not understand what they signed would not be legally valid.
- This contract is in writing and must be signed in the presence of 2 witnesses (excluding the attorney per se).
- A power of attorney can be cancelled at any time.
There is a power of attorney that is only for your banking transactions at the caisse
You can sign a power of attorney strictly related to your banking transactions at the caisse in the presence of your attorney and your advisor using the power of attorney form provided by the caisse.
This power of attorney allows the attorney to manage only the open accounts associated with your folio number but be aware that you’ll still be responsible for your accounts and the transactions carried out. It’s still your responsibility to monitor the transactions carried out by your attorney to ensure that they meet your needs.
Just like the other powers of attorney, this specific one can be cancelled at any time and will end when you or the attorney become incapable or die.
Inventory of assets
Taking stock
When you prepare a personal inventory of assets and important documents, you gather in one place all the information that your loved ones would need if they had to manage your assets, in the event that you were no longer able to do so yourself. The information in it may also be required to complete your estate planning.
4 things you should know about asset inventory
- The asset inventory is a must-have document that simplifies the transmission of important personal information to your loved ones, whether it’s during your lifetime or after your death.
- While being optimal for estate planning, an inventory of assets is also of great use for your potential attorney or mandatary, and essential for your estate executor.
- This document generally includes your personal information and information on your advisors, legal documents, home, real estate and other assets.
- You can download and complete our inventory of assets form in PDF.
The will
Ensuring that your wishes are honoured
Wills are not the most exciting topic. That’s why a great deal of people prefers to put off this task, or never even think about it. If you don’t already have a will, know that by preparing one, you will ensure the proper execution of your last wishes with respect to the distribution of assets and the appointment of your heirs. You also benefit from more organized estate planning that could reduce your heirs’ taxes and avoid conflicts.
4 things you should know about wills
- In addition to being used to distribute your assets after your death, the will allows you to name your estate trustee and specify their authorities, state your funeral preferences and choose a legal guardian for your minor children, among other things.
- Only holograph or typed wills (made by a lawyer) are allowed.
- If you don’t have a will, the Succession Law Reform Act will designate your heirs and the way you distribute your assets.
- If you are not married or in a civil union, your spouse is not considered an heir under applicable Ontario laws, so you must make a will and designate your spouse as your heir if you wish to leave them some or all of your assets.
Take care of your important documents
Power of attorney, protection mandate (Quebec only), inventory of assets and will: these key documents will make life easier for you and your loved ones. Keep them in a safe place and tell your loved ones where they are. Also, you should review them as needed, in the event of changes in your life (separation, birth, marriage, business acquisition, illness, etc.).
Don’t hesitate to contact your advisor, who can help you fill out your inventory of assets or help you with options for protecting your accounts and assets.
If you have any questions regarding legal issues, contact a qualified advisor or lawyer to get all the answers you need. You can also get help from Estate Assistance at 1-855-559-5501. Estate Assistance is free for members and provides legal information and first-level support for estate planning, settlement and management matters.
Useful links - Quebec:
- Incapacity: Being unable to care for yourself or your affairs | Éducaloi (educaloi.qc.ca) - External link.
- Wills | Éducaloi (educaloi.qc.ca) - External link.
- Dying without a will | Éducaloi (educaloi.qc.ca) - External link.
Useful links - Ontario: