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Durable Power of Attorney
Similar to a living will, a durable power of attorney is a type of advance decree that allows an individual's attorney to act on his/her behalf should s/he become incapacitated or mentally incompetent.
In this case, the individual is known as the principal, and the attorney who has been granted durable power is called the agent. This durable power of attorney is effective until revoked by the principal, or until the principal's passing.
There are two other types of "power of attorney." One is called nondurable. The nondurable, or temporary power of attorney authorizes the agent to act only in transactions specified to in the document. This typically involves real estate or business/financial transactions that the principal is temporarily unable to attend to. As with the durable power of attorney, this is in effect until revocation by, or death of the principal.
There is also what is known as the springing power of attorney. It is set up in advance, but takes effect only upon the occurrence of a triggering event, i.e., the illness or incapacitation of the principal. In this case, a physician is required to determine whether or not the principal is competent to handle his/her own affairs and make decisions. The springing power of attorney also terminates with the death of the principal, but it may also be revoked by the court for any reason.
Regardless of which type of power of attorney is granted, the degree and type of authority given is always at the discretion of the principal. S/he may give his/her attorney as much or as little authority over personal and/or business affairs as s/he wishes. Some clients give power of attorney over every aspect of their affairs; others may limit this power to financial or business transactions or family concerns (such as the care and custody of minor children).