A durable power of attorney is an instrument which allows you to designate an individual to manage your financial affairs. For older Americans a durable power of attorney is an invaluable tool in protecting the assets you have spent a lifetime saving.
The term "durable" is often used with power of attorney. Durability means that the power will not lapse upon the incompetence of the person who gave it. The New York statutory form contains such a durability clause in the printed text. Contrary to popular belief, the power of attorney becomes effective as soon as you sign it, not when you become incompetent. The key advantage in executing a durable power of attorney is in avoiding expensive court proceedings to appoint an individual to manage your financial affairs should incapacity occur.