Benefits and Disadvantages of a Durable Power of Attorney

Overall, a Durable Power of Attorney, if properly drafted, gives you the control over the person who will manage your affairs, should you be unable to, by virtue of unexpected mental condition.

Disadvantages of a Durable Power of Attorney

The most glaring disadvantage of any Power of Attorney is that you are forced to trust another person to handle some or all of your financial affairs. This person can have total power and control over these affairs and is allowed, by law, to make discretionary decisions regarding these affairs. It is not uncommon for agents to abuse the powers conferred upon them and/or use these powers to benefit themselves instead of your family.

To overcome this disadvantage, some people who might be considering a Durable Power of Attorney seek to appoint two agents, instead of one. However, this has obvious disadvantages also, such as what happens when the two agents disagree as to how to best serve your estate.