It permits you to appoint someone to manage your affairs:
Management of Your Assets
The person you have designated in your Durable Power of Attorney can be given the power to manage your assets which could include such things as to:
a. Write checks on your bank account and make deposits
b. Pay your bills
c. Have access to your safe deposit box
d. Sign your tax return
e. Make important decisions about your retirement plans – IRA’s (eg: Rollover decisions)
f. Make important decisions about your insurance (eg: borrow against the cash surrender value of a life insurance policy)
g. Buy or sell stocks, bonds, mutual funds and other securities
h. Buy or sell real estate; enter into, terminate or modify lease agreements
i. Continue to operate or windup your business (pay employee’s salaries, etc.)
Arrangement For Your Personal Needs
The person you have designated in your Durable Power of Attorney can be given the power to arrange for your personal needs which could include such things as to:
a. Provide for you a residence (nursing home; private residence, etc.)
b. Provide you with nursing care (employ nurses & physicians, etc.)
c. Provide for your recreational needs (arrange for travel, etc.)
d. Provide for the care and custody of your personal effects
e. Provide arrangements for the care and custody of your pets
f. Make pre-arranged funeral plans
g. Provide for your religious needs consistent with your beliefs
h. Take custody of your important personal papers (Will; Insurance papers; Certificates of Deposit; Stock certificates)
i. Have access to your medical records