Most people choose a competent family member or close friend, but depending on the complexity of your finances you might ask your lawyer, business partner, or banker to serve as attorney-in-fact. If you really know and trust the person, it's most likely a good option.
You can tailor your Durable Power of Attorney for finances to fit your needs by choosing which powers you grant and by placing certain conditions and restrictions upon the attorney-in-fact. For example, you can give your attorney-in-fact authority over your real estate, with the express restriction that your house may not be sold.
The main reason to create a Durable Power of Attorney for finances is to avoid court proceedings if you become incapacitated. If you don’t have a Durable Power of Attorney, your relatives or other loved ones will have to file formal court proceedings and ask a judge to name someone to manage your financial affairs. [...]
A Durable Power of Attorney has limitations and restrictions. Here are some things a Durable Power of Attorney cannot authorize your agent: To make healthcare decisions for you To marry on your behalf To adopt anyone on your behalf To vote for you in public elections To represent you in legal proceedings To make a [...]