Estate and incapacity planning is vitally important, but it can be confusing. And each province has its own regime.
B.C. is unique because it allows for representation agreements, which allow adults who might be considered mentally capable to retain decision-making rights. It’s also worth noting that in B.C., the age of majority is 19 (along with New Brunswick, Newfoundland, Northwest Territories, Nova Scotia, Nunavut and Yukon). It’s 18 in Alberta, Manitoba, Ontario, Prince Edward Island, Quebec and Saskatchewan.
Recognizing that B.C. residents need specific guidance, Nidus Personal Planning Resource Centre in B.C. has released three planning guides: two on enduring powers of attorney, and one on adult guardianship. Download them here.
And, read Advisor.ca’s article on the role of the B.C. Public Guardian and Trustee here.