A durable financial power of attorney is a document that allows you to choose someone to manage your financial affairs for you. That person is called an agent or an attorney-in-fact. Your agent’s power typically begins when you sign the document and ends when you revoke the document or pass away.
Having a durable financial power of attorney can protect you and your assets as you age. However, many people do not take advantage of the benefits a power of attorney can provide because many people believe the popular misconceptions that surround this document.