Benefits of a Durable Power of Attorney

Generally, a Power of Attorney is a legal document that gives a designated individual ("Attorney in Fact" or "Agent") the power to make financial decisions on behalf of the individual executing the document ("Principal"). The key components in a Power of Attorney are the scope and duration of the document. A Power of Attorney can be extremely limited in scope, such as allowing the Agent to complete only specific financial transactions, or very broad in scope, such as granting the authority to enter into any financial transaction the Principal themselves can legally complete. The duration refers to the timeframe in which the Agent can complete allowable financial transactions, including wh

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