The Continuing Power of Attorney for Property (CPOAP) or Continuing POA for Property is a legal document that gives your attorney the authority to manage your finances and property even if you become mentally incompetent.
When is a Continuing Power of Attorny for Property Effective?
A Continuing Power of Attorney for Property is effective as soon as it is signed and witnessed, unless otherwise stated in the document. If you want the CPOAP to come into effect only if you become mentally incapacitated, then this must be made clear in the document. It is up to the individual drafting the CPOAP to decide when and under what condition(s) the CPOAP comes into effect.
An attorney can do almost anything in regards to your finances and property. Unless stated otherwise in the document. They cannot make a new will or CPOA for you. Also they cannot change your existing will, give a new POA to someone else on your behalf, or change beneficiaries on life insurance policies.
A Continuing POA for Property ends when:
- You our your attorney die
- Your attorney becomes mentally incompetent or resigns
- You revoke or cancel the POA while you are mentally competent
- You sign and have a new POA witnessed while you are mentally competent
- The Public Guardian and Trustee office assigns a new guardian of property for you.