A Durable Power of Attorney, in my opinion, is the MOST IMPORTANT estate planning document.
This document provides for management of your assets, legal affairs, and financial affairs in case of your incapacity or you can’t think for yourself. Incapacity happens in the blink of an eye from accidents, major emergency medical incidents, and more.
It is VERY IMPORTANT that it is Durable. Durable means that it still works when you are incapacitated. Many states don’t make their powers of attorney durable by default. That means that if you are incapacitated or unable to think for yourself, the power of attorney stops working.
Legally, a power of attorney is a document authorizing another person to act on your behalf in private affairs, business, banking, and other financial and legal matters.