What type of things could my agent do for me and when?
This would include things like paying your bills, signing tax returns, selling property, transferring stocks and bonds, collecting government benefits, and generally handling your financial affairs. You can even allow them to make gifts for estate planning purposes. You can make the financial power of attorney effective immediately, or reserve those powers until you become unable to handle your own affairs.
What if I do not have a Statutory Durable Power of Attorney and I loose mental capacity?
Usually, the only thing that can be done when you do not have a Statutory Durable Power of Attorney is to have the court appoint a Guardian over your estate, either on a temporary basis, or a permanent basis. Unless you specifically give someone the authority under a power of attorney, no one is presumed to have any rights over you once you turn 18 years of age, not even your spouse.