A Power of Attorney for Financial Matters appoints someone to manage your assets and pay your bills. It can take effect immediately, or it can be limited so that it only takes effect if you become incapacitated. A “durable” power of attorney is the kind that remains in effect even if you become incapacitated.
Your power of attorney can be a general power of attorney that authorizes someone to manage many assets, or you can have one or more limited powers of attorney that give someone authority only over specific assets.
A power of attorney is only effective during your lifetime and terminates immediately upon your death.