General Application

• A general durable power of attorney designates an agent to deal with all of your financial affairs.
  
  

Durability

• The durability provision in this type of instrument means that it remains in effect if you become incapacitated. A power of attorney--general or specific--that is not durable is no longer in effect if you become incapacitated.
  
  

Benefits

• The benefit of this type of power of attorney is that you designate a trusted and capable person to tend to your financial affairs. Moreover, you have the comfort of knowing the agent keeps acting on your behalf even if you become incapacitated.
  
  

Expert Insight

• Even though you designated an agent to deal with your financial affairs, you must maintain oversight. You need to have a system of checks and balances in place to ensure the agent does act only on your behalf.
  
  

Misconceptions

• A common misconception is that a general durable power of attorney encompasses authority to deal with your health care decisions. The fact is that only a specific durable power of attorney for health care grants this type of authority.