A durable power of attorney for finances allows you to designate a person, your "agent," to take care of your finances if you are unable to do so yourself. A general power of attorney for finances authorizes your designated agent to control a broad range of financial matters, including paying your bills, cashing your checks, or receiving benefits.
Alternatively, you can limit the powers of your agent, in a limited power of attorney for finances, to a specific timeframe, or to specific functions.
Executing a general or limited power of attorney for finances can save the expense and difficulty of a conservatorship or guardianship proceeding, or can prevent intervention by blood relatives in one's financial affairs, in the case of incapacity.
The designation of power of attorney should not be taken lightly, however. By designating a person to be your agent,...