What is the difference between a financial product and a financial instrument

What is the difference between a financial power of attorney and a durable power of attorney Introduction: The Significance of Powers of Attorney Hello everyone, and welcome to today's video. When it comes to managing our affairs, there may be times when we require assistance. This is where powers of attorney come into play. They grant someone the authority to act on our behalf, ensuring our interests are safeguarded. However, within the realm of powers of attorney, there are distinct types, each serving a specific purpose. Today, we'll be focusing on the differences between a financial power of attorney and a durable power of attorney. Financial Power of Attorney: A Closer Look Let's start with the financial power of attorney. As the name suggests, this document pertains to financial matters. It designates an individual, known as the agent or attorney-in-fact, to make decisions and take actions related to finances on behalf of the principal, the person granting the power. These decisions can encompass anything from managing bank accounts and investments to paying bills and filing taxes. It's important to note that the authority granted by a financial power of attorney can be broad or limited, depending on the principal's preferences. The Scope of a Durable Power of Attorney