A Continuing Power of Attorney for Property is a legal document by which you give someone else the authority to make decisions about your finances. The person who is named as the attorney does not have to be a lawyer. The Power of Attorney is called “continuing” because it can be used after you are no longer mentally or physically capable to make the financial decisions. Some people use the word “durable” which means the same as “continuing”. We advise our clients to have a Continuing Power of Attorney along with a Power of Attorney for Personal Care.
The Substitute Decisions Act, 1992, refers to decisions about property management and powers of attorney for property. “Property” means finances, which include any type of financial decision or transaction that a person would make in the course of managing his or her income, spending, assets, and debts. For example, it could include budgeting expenses and paying bills, doing tax returns, safeguarding valuables, selling real estate, or making loans.