A Financial Capacity Assessment should be done when there is concern that an individual could be incapable of managing their finances in the context of a psychiatric (e.g. - spending during a manic episode in bipolar I disorder) or neurocognitive disorder (e.g. - dementia).
In Ontario, individuals who are admitted on an inpatient psychiatric unit will have a capacity assessment done by the attending physician (psychiatrist). Outpatients have a right to decline a financial capacity assessment (i.e., it must be voluntary), and financial capacity assessments are specifically done by qualified capacity assessors (can be health care professionals such as social workers, nurses, and psychologists). In either case, the role of the assessor is to:
An individual should understand and appreciate the nature of their financial decisions, this can be done by asking questions such as:
Understand
Appreciate:
Based on the financial capacity assessment today, there [IS/IS NOT] indication that: patient has defaulted on rent payment or other bills, patient is unable to save money, patient has [psychiatric symptoms: e.g. - delusions] informing their financial decisions. Patient is CAPABLE/NOT CAPABLE to manage own finances. |