A power of attorney allows you to appoint another person to act on your behalf if you become incapacitated. Without that planning, family members may need to ask the court for a conservatorship to manage financial affairs.
The person appointed to act is often called your attorney-in-fact. Choosing that individual carries important legal consequences, so the role should be discussed carefully.
A valid power of attorney can reduce cost, delay, and stress during illness or other periods of incapacity.