If an individual loses the ability to manage their financial affairs, some people believe the spouse can simply take over. However, that’s only permitted if the spouse was named in a power of attorney document (mandate in Quebec).
In a power of attorney, you appoint someone to manage your finances if you suffer a cognitive impairment. You may choose your spouse, your child, another family member, a close friend or any individual you trust.
Consider the consequences
Without a power of attorney, conflict may arise if two or more individuals believe they should be the one in charge of your financial life. Also, they must apply to the provincial court to be approved as your representative, a process that takes time. Meanwhile, you could become vulnerable to financial fraud.
You’re never too young
If you only associate cognitive decline with dementia at older ages, it’s easy to put off getting a power of attorney. But even individuals at a younger age can suffer a cognitive impairment from an incapacitating illness, a stroke, or an accident that causes a traumatic brain injury (such as a recreational sport or car accident).
It can never be too soon to get a power of attorney, but it can be too late. You must be of sound mind to legally sign the document. Anyone who puts off the task risks suffering a cognitive impairment that renders them incapable of taking the necessary steps.
This article is excerpted from the Well‑Advised Winter 2026 Newsletter and published on behalf of your financial advisor for clients residing in jurisdictions where they are registered. This material is provided solely for informational and educational purposes and is not to be construed as an offer or solicitation for the sale or purchase of any securities or as providing individual investment, tax or legal advice. Consult your professional advisor(s) prior to acting on the basis of this material. Insurance products are available through advisors registered with applicable insurance regulators. In considering any particular investment, please remember that past performance is no guarantee of future performance. Although this material has been compiled from sources believed to be reliable, we cannot guarantee its accuracy or completeness. All opinions expressed and data provided herein are subject to change without notice. Neither CI Assante Wealth Management Ltd. their affiliates or their respective officers, directors, employees or advisors are responsible in any way for any damages or losses of any kind whatsoever in respect of the use of this material. CI Assante Wealth Management is a registered business name of Assante Wealth Management (Canada) Ltd. CI Assante Wealth Management Ltd is a member of the Canadian Investor Protection Fund and the Canadian Investment Regulatory Organization. © 2026 CI Assante Wealth Management. All rights reserved.