Protective supervision
Our firm will act for the ASSETS only. But, under certain circomstances, we could also act for the person.We offer administrative services. A member of our team could be appointed tutor or curator if such appointment could benefit the person needing protective supervision. We do not take care of investments in any circumstances. Investments should be managed by the firm that was already acting for the client or by a firm chosen by the tutorship or curatorship council or the mandatary.
We offer many services. For instance, we:
- Prepare an inventory
- Supervise the investment manager.
- Administer immoveable properties.
- Communicate with the tutorship or curatorship council or mandatary.
- Prepare and file the annual account to the Public Curator in case of tutorship or curatorship.
- Produce an annual report of our administration.
- Prepare and file the annual income taxes.
- Pay bills using the bank account open for the protective regime and we also deposit cash into this account.
- Establish a yearly budget and follow up monthly.
- Meet annually with the tutorship council and with the tutor or curator to the person.
- Supervise, if the incapable person lives in her house or apartment, the care givers. We research whether other options would be better for the person and assure that basic needs, such as nutrition, are met.
- Sell or give to charity moveables or, for compelling reasons, personnel effects, though only with the authorization of the tutorship council or mandatary
- Supervise the sale of immoveable properties
It is crucial that no purchase or sale of an asset be done on margin (ex: buying stocks with a broker on margin) .
Investments have to be secure and must produce income (Article 1339 of the Civil Code). No speculative assets should be included in the portfolio.
It is impossible to establish with certainty for how long the person needing supervision will live, and it is essential that her needs be met all during her life time as much as possible. When establishing the annual budget, the income should be sufficient to cover the expenses. However, this is not always feasible and proper accounting has to be done to determine how much can be taken from the capital.
Investments have to be secure and must produce income (Article 1339 of the Civil Code). No speculative assets should be included in the portfolio.
It is impossible to establish with certainty for how long the person needing supervision will live, and it is essential that her needs be met all during her life time as much as possible. When establishing the annual budget, the income should be sufficient to cover the expenses. However, this is not always feasible and proper accounting has to be done to determine how much can be taken from the capital.
What does incapacity means?
There are many types of incapacity. We are familiar with Alzheimer’s or dementia. A person can also be partly incapable. For example, a person can take care of herself, but be totally incapable of managing her assets and be taken advantage of, or vice versa.
What is tutorship?
This regime of protection applies to either a minor or a person of full age. As for minors, a dative tutor is appointed when one or both parents have deceased. The tutor must, from the assets of the minor, provide for his maintenance, expenses and education until he reaches the age of majority, which is 18 in Québec.
When the minor attains the age of majority, the tutor must give a final account of his administration. He then releases the assets to his pupil. If the tutor has not made annual reports, it is extremely tedious and almost impossible to draw up the final account. The minor will give an acquittance to the tutor.
What happens if the assets have been depleted without reason? The minor may sue the tutor.
Tutorship can also involve a person of full age. In this case, the regime is similar to a curatorship or a mandate given in anticipation of the mandator’s incapacity. When a person of full age is declared incapable, the Court and /or the family council will choose if the protective regime will be a tutorship or a curatorship.
Tutorship to a person of full age is instituted when it is established that the incapacity of that person to take care of himself or to administer his property is partial or temporary.
When the minor attains the age of majority, the tutor must give a final account of his administration. He then releases the assets to his pupil. If the tutor has not made annual reports, it is extremely tedious and almost impossible to draw up the final account. The minor will give an acquittance to the tutor.
What happens if the assets have been depleted without reason? The minor may sue the tutor.
Tutorship can also involve a person of full age. In this case, the regime is similar to a curatorship or a mandate given in anticipation of the mandator’s incapacity. When a person of full age is declared incapable, the Court and /or the family council will choose if the protective regime will be a tutorship or a curatorship.
Tutorship to a person of full age is instituted when it is established that the incapacity of that person to take care of himself or to administer his property is partial or temporary.
What is curatorship?
Curatorship to a person of full age is instituted when it is established that the incapacity of that person to take care of himself and to administer his property is total and permanent. The rules regarding administration are similar to the ones for tutorship.
Who decides of the incapacity?
A physician and/or a social worker will initiate the procedure to institute a protective supervision regime, usually at the request of a family member. The procedure is slightly different whether it is a physician or social worker who initiates it, but the result is the same. A report is submitted to the Notary or Lawyer chosen by the family who will start the procedures at the Court and with the Public Curator.
Supervision
Tutors and curators must furnish security to guarantee the performance of their obligations. When the Public Curator receives an inventory, he will require a surety if the property to be administrated exceeds $25 000.
The security may consist of:
- A hypothec granted by the tutor or curator on one of his immoveable properties. Such a hypothec does not bear interest. It is the least favored form of security.
- A liability insurance taken by the tutor or curator. The cost of the insurance is paid by the incapable’s assets.
- Assets set aside, by a tutor or curator, in a financial institution. This solution, though efficient, is sometimes difficult to administer. For example, if the tutor or curator needs important funds to provide for the incapable, it could be difficult to have access to the funds.
It is possible that the Public Curator accepts another solution, but this is totally at his discretion.
If you have nay questions or would like to discuss your particular situation, do not hesitate to contact us.
FeesIf you have nay questions or would like to discuss your particular situation, do not hesitate to contact us.
Annual fees of 0.5% will be charged on the average market value of assets under administration, subject to a minimum of $1,500 to act for assets only. As for acting for the person, our fees is fixed at 0,25%. It then means, therefore, that if we act for the person and the assets, our fees amounted to 0,75%.
Investment management
The investment management fee will be negotiated by the tutor(s), curator(s) of mandatary(ies) with an external investment manager to be appointed by the said tutor(s), curator(s) of mandatary(ies). This fee is above the administration fee mentioned above.