What is a “Continuing Power of Attorney for Property”?
A “Continuing Power of Attorney for Property” is a power of attorney for property that provides the person you designate with the authority to attend to property and financial matters on your behalf in the event that you are not capable of attending to those matters personally, and extends to cover a situation where you may become mentally or physically unable to handle your own financial matters. It isn’t limited by time, and remains in effect until withdrawn.
Such a Power of Attorney for Property can be drafted to not take effect until you are incapable, or can be drafted so that it can be in effect when you are still fully capable of handling matters yourself. An example of the latter would be a Power of Attorney for property where a still-fully-mentally-capable mother with some mobility issues provides a power of attorney for property to her daughter so that the daughter can manage her banking, insurance, and so forth.