Powers of Attorney are essential documents for every client. Irrespective of wealth or marital or family status every individual 18 years of age or older should execute both a financial and healthcare power of attorney.
Financial power of attorney names someone to make financial decisions for you when you are not able to do so for yourself.
Healthcare power of attorney names someone to make healthcare decisions for you when you are not able to do so for yourself.
If something happens rendering you incapable of making financial and medical decisions for yourself, without a valid power of attorney, your loved ones will be required to go to court and have a judge officially name a conservator to make those decisions on your behalf. This process is both time consuming and costly. More importantly, it can be avoided altogether by executing two simple documents - a financial power of attorney and a healthcare power of attorney.
Upon death your powers of attorney are null and void.