Power of Attorney
Definition
A legal document allowing someone (agent/attorney-in-fact) to make financial, medical, or legal decisions for you. Durable power of attorney survives your incapacity. Healthcare power of attorney is for medical decisions.
Why It Matters
Without POA, if you're incapacitated, your family needs a court order to access your finances (expensive and slow). With POA, your agent handles things immediately. Essential estate planning document.
Example
Create a durable power of attorney naming your spouse as agent. If you have a stroke and can't communicate, your spouse can pay bills, access bank accounts, and handle investments without going to court. POA costs $300-500.