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Durable Power of AttorneyThe Durable Power of Attorney is a document in which you (the Principal) give another person, known as the Agent or Attorney-In-Fact, the power to manage your property and other financial affairs. Your Attorney-In-Fact has a fiduciary responsibility to act honestly and loyally on your behalf. A Durable Power of Attorney is a very powerful instrument that gives the holder incredibly broad powers. In fact, most durable powers of attorney are so powerful that they can be used in place of Guardianship to transfer property, make gifts, sell stocks and bonds, and place someone into a nursing facility. A well drafted durable power of attorney can save your family thousands of dollars in court costs, and generally make life much easier should you become unable to handle your financial affairs on your own.
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