Durable Power of Attorney
A document in which you name another person as your “agent” to act in your place with regards to the management of assets titled in your name (a DPOA has no control over assets titled into a trust – only the trustee of a trust can manage trust assets). A DPOA takes effect (is valid) when you sign it, but primarily comes into play when you become incapacitated (either physically or mentally) and cannot manage your bills or assets (assets not in a trust). A DPOA is also required by the Department of Children and Families (DCF) when applying for Medicaid assistance for another person (unless you are a spouse).
Key - Do not name someone as your agent under a durable power of attorney unless you are sure that you can trust him or her with the management of your assets.