Archive · 14 Sep 2026
Planning Who Will Manage Your Finances During Incapacity
People usually plan what happens to their money after they die.
They should also plan for a time when they are alive but too sick or injured to manage it.
A trusted person may need to find bank accounts, investments, insurance and bills.
Keeping a list of these things can make the process easier.
Bank statements, tax records, emails and phone messages may help families find missing accounts.
A power of attorney can allow someone to handle certain financial tasks.
If the person cannot legally make decisions, a court may need to appoint a guardian.
Wealthy families may use a private trust to manage assets.
These plans should be prepared carefully because financial authority can be misused.
Maintain a complete record of bank accounts, investments, insurance, property, loans and important contacts.
Bank statements, tax returns, emails, phone messages and professional advisers may help locate undiscovered assets.
A power of attorney or authorization letter may help a trusted person manage finances when the investor retains contractual capacity.
If the person lacks contractual capacity, a court-issued guardianship certificate may be required.
Private family trusts can provide continuity for wealthy families, but powers of attorney may be misused.
- Who
- Investors, their families or legal heirs, trusted financial representatives, guardians and trustees.
- What
- The article explains how to prepare for financial management if an investor becomes incapacitated.
- When
- Before an accident, illness or other incapacity occurs.
- Where
- Across the person’s bank, investment, insurance, tax and other financial accounts.
- Why
- To ensure assets can be located and managed for the person and their dependents when they cannot make decisions.
- Asset records
- Investors are advised to keep records of assets, liabilities, accounts, investments, insurance, property, loans and important contacts.
- Potential records
- Bank documents, passbooks, cheque books, diaries, tax records, email accounts and phone messages may help trace assets.
- Bank statements
- Statements may reveal systematic investment plans, insurance premiums, dividend or interest income, loan payments, property payments and transfers.
- Power of attorney
- A power of attorney, mandate letter or authorization letter may be used when the person has the capacity to contract.
- Guardianship
- A court-issued guardianship certificate may be required when the person lacks the capacity to contract.
- Required verification
- The article cites a doctor’s certificate, in-person verification, a thumb impression and online login credentials as potentially needed.
- Private trust
- A properly structured private family trust may allow appointed trustees to continue managing assets for very wealthy families.