Difference between revisions of "Glossary for Managing Someone Else's Money"

Glossary for Managing Someone Else's Money (view source)

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 ;Capacity: A person’s ability to make their own choices and decisions.
-;Committee: A person or body (such as the Public Guardian and Trustee) appointed by the court to make legal, financial and medical decisions for someone who is mentally incapable and cannot manage their own affairs.
 ;Enduring power of attorney: A legal document that enables an adult to appoint another person to make financial and legal decisions for them, and specifies that the appointment continues—or “endures”—in the event the adult becomes mentally incapable.
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 ;RRSP: A Registered Retirement Savings Plan is a savings account registered with the federal government that allows a person to save money for retirement and lower their income tax.
-;Representation agreement: A legal document that enables an adult to authorize someone to make decisions for them when they can no longer manage on their own. The “representative” can make decisions relating to health care and personal care matters. With a “section 7 representation agreement”, the representative can also be authorized to handle “routine management” of financial affairs and most legal matters.
 ;Springing power of attorney: A power of attorney that only becomes effective when an event happens, such as a finding that the adult making the power of attorney is mentally incapable.