A Power of Attorney can help make your life much easier, by allowing someone you trust to take certain actions on your behalf. Without this document, you might not be able to travel out of town, make certain investments, or handle business or personal affairs.
A Financial Power of Attorney allows you to name your business or personal agent, someone who will make decisions or take actions on your behalf if you cannot. Your business or personal agent will make sure that your wishes are communicated to and taken into account by other parties. If you are out of the country when you are closing a business deal, paying a professional to manage your assets, keeping a personal assistant to do all of your banking and errands, or allowing your child to travel with a family friend, you can grant an agent power of attorney to sign documents on your behalf and/or make decisions for you.
This document can be used to handle a variety of situations, and can be customized based on your need. You can grant a POA related to different areas of your life, with varying degrees of power for the agent, and for any timeframe that you desire.
A Durable Power of Attorney also becomes effective immediately upon signing, however it allows the Agent to continue acting on behalf of the Principal even when he or she becomes incapacitated. This type ends automatically when you die, but you can also rescind it, as long you are not incapacitated.