A power of attorney is sometimes called a general power of attorney or a durable power of attorney. Essentially you name a person to handle legal and financial matters for you if you cannot because of a mental or physical disability. The agent is the person who you appoint. They stand in your shoes having the ability to pay your bills, collect assets, sell assets, manage investment assets, file tax returns, and the like. If you have a certificate of deposit that is coming due and you want it rolled over into a new certificate of deposit at a different bank, your agent has the power to collect the certificate at the old bank and open the new one under your name.
