Like all things with the law, this single blog is wholly inadequate to cover the complete breathe of this subject. Its intention is to start the conversation with your family about what to do in the event that you become incapacitated.
By definition a "durable power of attorney" is a legal document that gives someone you choose the power to act in your place. In case you ever become mentally incapacitated, you'll need what are known as "durable" powers of attorney for medical care and finances.
It is of my opinion that this could be even more important than a will depending upon your financial standing. The State has ways of disposing of your assets, but unless you spell out and appoint a durable power of attorney you could end up in the middle of a legal battle like the late Terri Schiavo.
The person that you choose to be your durable power of attorney should be both trustworthy and preferably have knowledge of finance. Being trustworthy is more important than financial knowledgeable. The other way around could ruin your estate. Remember this person essentially becomes you in reference to monetary and health decisions, so it's very important that they know your wishes and have your best wishes in mind.
This website was created due to the atrociously misguided financial advice that I've heard over the decades. Financial freedom is not intellectually strenuous, but it takes discipline.