When you grant someone Power of Attorney you give that person (your "agent") the authority to manage your affairs in the specific area that you have authorized. A "Durable" Power of Attorney enables you, (the "principal") to choose a trusted agent to handle your financial affairs if you are incapacitated and unable to manage your own financial affairs. It is called "durable" because it continues during your incapacity. The alternative to managing financial affairs when incapacitated is a time-consuming and costly guardianship proceeding.

          The Durable Power-of-Attorney will determine who has the legal authority to act as your agent should the time ever come that you cannot make decisions for yourself.  If you become incapacitated  (i.e. through stroke, coma, accident), the person you have designated, instead of a court, will take over your affairs and act within the guidelines and restrictions you have already established. The agent can pay bills, deposit checks, handle taxes, and sell stocks - in short, everything that you could otherwise do for yourself.  However, the Durable Power of Attorney cannot be used to make health care decsions. A Health Care Proxy is needed for that. 

       The Durable Power-of-Attorney is useful even for married couples who hold property jointly. When one spouse becomes incapacitated, where one spouse cannot act alone, the other acting as the agent, can act promptly to sell or transfer assets or refinance real estate without a court order. 

        Your agent may be your spouse, a family member or a friend. It is generally a good idea to name someone who is responsible and good at handling finances. However, trustworthiness is most important. The agent can always seek financial advice from an accountant or a financial adviser.