National > Abuse of Older Adults > Future Asset Management:My friend has property and assets that she is worried about her children trying to control. Is there a way she can control the management of those things if she becomes unable to make decisions for herself?Yes. Your friend can make a legal document that gives another person authority to act for her in respect of property and other assets. In most provinces such a document is called a Power of Attorney. In Quebec, it is called a Mandate Given in Anticipation of Incapacity. A power of attorney can be made at any time to give another person authority to act for you. If the power of attorney, however, is to last beyond a time when the maker of the document becomes incapable of making her or his own decisions, the document must explicitly state that fact. For example, if the power of attorney does not state that it will be effective at a time when your friend becomes incapable of making her own decisions, the document will become void at that time. In some provinces, powers of attorney will also become void when another decision-making authority is empowered under another law, such as mental health law. A power of attorney that comes into effect on the incapacity of the maker of the document is sometimes called an Enduring Power of Attorney, or a Springing Power of Attorney.
January 2006 |
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