A Durable Power of Attorney allows you to appoint a trusted person, known as your agent or attorney-in-fact, to handle authorized financial and legal matters on your behalf.
Depending upon how the document is written, your agent’s authority may take effect immediately or only after a specified event, such as a determination that you are unable to manage your affairs. The authority may be broad or limited and can include managing bank accounts, paying expenses, handling real estate, communicating with financial institutions, addressing taxes, operating a business, or managing other financial and legal matters.
The word “durable” means that the agent’s authority can continue even if you become incapacitated. A Durable Power of Attorney ends upon your death and does not authorize your agent to make health-care decisions. It is especially important for managing property or financial matters that are not controlled by your trust.