Durable Power of Attorney
A Durable Power of Attorney is a legal document by which someone designates another as his or her agent. The authority conferred is called “durable” because it is exercisable even if the principal subsequently becomes disabled or incapacitated. A principal may provide in the Power of Attorney that the power shall become effective at a specified future time or upon the occurrence of a specified contingency, including the disability or incapacity of the principal.
In plain English, a Durable Power of Attorney is used to allow someone to manage your financial affairs for you in the event you become unable to do so for yourself. You should only give one to someone you absolutely trust because that person has the power to manage your financial affairs.
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