What exactly can someone do with my durable financial power of attorney?

A durable financial power of attorney authorizes an agent to handle your money matters, and the powers can be broad or narrow depending on how you draft it. Typical authority includes paying bills, managing bank and investment accounts, filing taxes, dealing with insurance and government benefits, and handling real estate. 'Durable' means it stays effective if you become incapacitated, which is precisely when you'll need it. You can limit it to specific tasks or make it comprehensive, and you can choose whether it takes effect immediately or only upon your incapacity. Because the agent can access your finances, name someone you trust completely and consider requiring accountings. This document prevents your family from having to petition a court for conservatorship if you can't manage money yourself.