A Durable Power of Attorney, also called a Financial Power of Attorney, is a legal document that allows you to designate another to make all your financial and business decisions. An “agent” is the person you designate to act as your power of attorney, also called “attorney-in-fact.”
You can use a Durable Power of Attorney if you are hospitalized, in a coma, or even just out of the country. A Durable Power of Attorney is not contingent on you being unable to handle the transactions yourself. If you have one or more businesses or private bank accounts, you may want someone to stand in for you to manage your affairs if you can’t.