Solutions to manage your ill loved one’s accounts

When one of your loved ones is no longer able to manage his or her own accounts, most of the time because of old age or health reasons, you need to think about alternatives. Power of attorney seems to be the best known solution. However, there are other alternatives available to you.

Power of attorney is the simplest way

To keep things simple if you need to perform certain transactions in your parent’s place, for example, opt for a power of attorney. This allows you to manage both your parent’s current account and savings account. This means that you will manage his or her current expenses and tax returns, among other things. This solution requires a great deal of trust and is only suggested for people who have not yet lost all their autonomy.

The Future Protection Mandate for more assurance

When a person partially or totally loses his or her autonomy, the Future Protection Mandate is strongly recommended. This person is led to designate another person (family member or not) who will take care of his or her accounts when he or she becomes incapacitated. This is a notarial deed and the notary of your choice will make an annual check on the management of your assets by the mandated person. He will also ask for the prior drafting of the clauses to be respected by the mandated person.

Family empowerment only for families

In contrast to the power of attorney and the mandate for future protection, family empowerment is intended only for members of the same family. Likewise, it can carry out a deed of sale, which is entirely prohibited with the first two solutions. It is not up to the disabled person to designate a relative to take care of his assets. Since he is no longer in a position to decide anything, one of his relatives (ascendant, descendant, brother, sister, etc.) will appear before the judge with a medical certificate showing the invalidity of the person concerned. He or she will then ask the judge for permission to freely manage the disabled person’s assets. The judge grants him 10 years renewable to manage this patrimony with carte blanche.

Conditions for setting up a real estate agency

Talk frankly about finances with your wife