What happens when you can’t manage your money anymore?

Aging Canadians who manage their own portfolios have more than the markets to worry about.

As we continue to live longer, the Alzheimer’s Society projects that more than 1.125 million of us will suffer from some sort of dementia by 2038.  Aside from the social and physical challenges associated with such conditions, managing self-directed online accounts is likely to become more difficult due to increased risk of mismanagement and mistakes, as well as fraud.

A BMO report released last week called “Who will manage your money when you can’t?” discusses these concerns.

BMO recommends appointing someone to act in your place and manage your financial affairs and assets. To do this you need to fill out a Continuing Power of Attorney. Should you fall ill to mental incapacitation without this document, the court will appoint a guardian for you, relieving you of the management of your investments or your will.