Which instrument covers decisions about money and property for another person?

• A. Wills
• B. Healthcare Proxies
• C. Financial Power of Attorney
• D. Testamentary Trust Will

Answer: (C)

Authorizing someone to manage money and property for another person is done through a financial power of attorney. This document appoints an agent to handle finances—paying bills, managing bank accounts, buying or selling property, filing taxes, and other money matters—on the principal’s behalf. It can be durable, meaning it stays in effect if the grantor becomes incapacitated, which is a key reason people use it. Wills determine how assets are distributed after death and don’t authorize someone to act during life. A healthcare proxy handles medical decisions, not financial ones, and a testamentary trust will is created by a will to manage assets after death, not for ongoing financial control during life. So the instrument that covers money and property decisions for another person is the financial power of attorney.