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What is a Durable Power of Attorney?

A Power of Attorney is a document that allows you to designate an individual (frequently your spouse) to take care of your financial and business affairs and sign your name when necessary in the event you are unable to do so. A Power of Attorney can be limited, giving very limited powers, or it can be general, giving very broad powers. The holder of the power, called the attorney-in-fact, only has authority to act in your best interests. Depending on the language used in the document, a Power of Attorney can take effect with disability (springing power of attorney) or immediately upon the signing of the document. A Power of Attorney can be revoked by the maker at any time.