Generally

A power of attorney is a legal document that authorizes another person, called the "agent" or "attorney in fact," to make legally binding decisions for you, such as selling your property, or authorizing medical procedures on you when you are unable to make or communicate your own decisions.

Irrevocable

When a power of attorney is irrevocable, this means that the principal (the person who created the power of attorney) cannot terminate the power of attorney without permission from the agent.

Purpose

Sometimes, agents or attorneys will accept the responsibility to be an agent only if the power of attorney is irrevocable. Except for that reason, there is little incentive for the principal to grant an irrevocable power of attorney because a durable, revocable power of attorney works just as well from the principal's perspective.

Limit

An irrevocable power of attorney may contain a provision that terminates the agreement on a certain date or upon fulfillment of a stated condition. Until then, the power can be terminated only by mutual agreement.

Considerations

When you create a power of attorney, you decide whether it will be irrevocable or revocable. It is always your choice, so think carefully before you grant somebody irrevocable power.

Source:

Nolo's Estate Planning Basics; Attorney Dennis Clifford; 2009