A legal document that allows an individual (called the principal) to appoint someone else (called an agent or attorney-in-fact) to make financial decisions, in the event the individual becomes unable to make and/or communicate such decisions personally. In effect, under a durable power of attorney, the authority of the agent to act and/or make decisions on behalf of the grantor continues until the grantor’s death or the power of attorney is terminated. It is “durable” because it continues to be effective even after the principal becomes incapacitated.
