Price of a notarised protection mandate and will in Québec – The protection mandate, previously known as mandate given in anticipation of incapacity,
consists of ensuring that your wishes are respected if you are one day unable to take care of yourself. This is a preventive document in the possible event that you will have a serious accident or a degenerative disease (e.g. Alzheimer) that will leave you in the incapacity of taking care of yourself and/or of your assets. By the protection mandate you will appoint a proxy or agent, or mandatory to take care of you and your properties. The agent can then take care of you or your property by doing what you have previously wished and written in the mandate when you were still able to do so. You can appoint him or her for simple or full administration.
The protection mandate will describe the duties of the agent(s) and the powers they will have. Although the most important power may seem to be that of managing your property and money, the protection mandate also covers the care of your person. It is therefore especially important to choose a person you trust!
The elements that make up a protection mandate are the administration (simple or complete) of your property, the mandatary (or mandataries), the substitute (replacement mandatary), the mandatary remuneration, and details on what he or she will take care of: your property and your health care.
The price of the protection mandate and will in Quebec
A notarised protection mandate and will costs at least $350 to draft. The price may increase depending on your financial situation (for example, if you own stocks, RRSPs, or TFSAs). Some additional costs apply if there is a medical evaluation, court fees, psychosocial evaluation, bailiff fees, etc.
All these costs combined are quite common and the fee can easily rise to $1,000 for the drafting of a mandate of protection.
Not cheap, but it is worth it
Even if the cost might seem high, dealing with a notary to draft a protection mandate and will has many advantages: access to specialized advice, understanding of all the legal implications for the mandator and the mandatary, validation of the mandate to respect all the rules and laws, registration with the Chambre des notaires of Québec and more. Thus, even if the drafting may seem costly, it is a more than important document to ensure your own protection and that of your assets.
The advantages of having a notarised protection mandate are numerous, whether it is for authenticity or validation, for having judicious advice and information and for the fact that the document is protected. Opting for notarial drafting is a good option to avoid the worst. Depending on the scope of the mandate, the price will vary between 200 and more than 1000 dollars depending on the complexity of the file. It is a preventive document that is worth a lot to avoid losing more in the eventuality of an accident or a disease that yet would have affected you. You must be prepared for the unexpected.Contact us now!