With a Power of Attorney, you name an agent who will make your business and financial decisions when you are unable to. Used together with a Living Trust, you can provide instructions on how you want your agent to handle your assets.
Without a Power of Attorney, a court may need to appoint a Conservator who will make these decisions for you. A court hearing can be time-consuming, expensive, and it is always public. Often times, the Conservator is not someone you would choose, nor do they know your wishes.
Without a Power of Attorney, even a spouse would need to file a court petition to make decisions about assets held in an incapacitated spouse’s name, pay bills from a spouse’s account, or even to sell a house owned as joint tenants.