A durable power of attorney is an extremely powerful financial tool that can eliminate the need to have to go to court to establish a conservatorship over your affairs if you become incapacitated or incompetent.
If you are alive but are not able to manage your own financial affairs, having a valid durable power of attorney in place will give your named agent the authority he or she needs to pay your bills, transact business on your behalf, and get information from your financial service providers.
A durable power of attorney is not limited to situations where you are incapacitated, which is what makes it such a powerful document. People often choose to give their agent power over their personal and business affairs, and the agent’s power lasts either indefinitely or for a specific period of time. This is fairly common for people serving overseas in the military or people traveling for an extended period of time who need someone to manage things at home until they return.
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