Clients should plan for their future needs.  For instance, with a financial power of attorney ("FPOA"), a client may appoint a family member or friend to be her "agent," so that if she becomes disabled, the agent can handle her finances and investments.

By law, the agent must act in the client's best interest.  Financial powers of attorney can be used to allow the agent to pay household bills, hire and pay for additional nursing care, or manage the client's investments while she is in the hospital.

The financial power of attorney is useful even when a couple own most of their assets jointly.  For instance, elderly clients who need to move a spouse or partner into an independent or assisted living facility can use the FPOA to sell jointly held real estate, without the necessity of the partner attending the closing.