A general (financial) power of attorney form is a powerful document and should be a part of every estate plan. If a person becomes incompetent and does not have a general power of attorney, then someone would have to establish a guardianship for the newly incompetent person through the probate court.
In a guardianship, any expenditure by the "guardian" would have to be approved by a Judge. An attorney is required to submit for approval of any expenditures. This process takes time and can be costly. Having a power of attorney eliminates court involvement in the vast majority of cases.
A financial power of attorney allows a person to name an agent of their choice to handle all of their financial affairs. Through this document, a person can give their selected agent these powers now, at a later time when the person might become incompetent, or upon any other specific time. The selected agent should be someone that is trustworthy.
Don't wait until it is too late to create a general power of attorney. Everyone should have one. If you need assistance in creating a power of attorney, please contact Kimberly Cutler at Cannizzaro, Bridges, Jilliksy and Streng, LLC.