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.
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.