Here’s a tough question: If you weren’t able to make financial decisions—due to illness, injury, or cognitive decline—who would step in to manage your money?
That’s where Power of Attorney (POA) comes in. And if you’re Childfree, you might not have an obvious go-to person. So let’s break it down.
What Is Power of Attorney?
Power of Attorney is a legal document that gives someone the authority to manage your affairs if you’re unable to. There are a few types, but we’re focusing on financial POA—which lets someone make decisions about your money and assets on your behalf.
You might hear the term “durable” POA, which means the person you choose (your “agent”) can continue handling your finances even after you become incapacitated.
🧾 What Can a POA Do?
Your chosen POA agent (also called an attorney-in-fact) can:
- Pay your bills and taxes
- Manage your bank and investment accounts
- Apply for financial aid or benefits
- Oversee your finances while you’re away (think: travel, deployment, long-term hospital stays)
This is a powerful role—so choose wisely. It needs to be someone you trust completely. If you’re married, your partner might be the natural fit. If not, you might consider a close friend, sibling, or other trusted person.
💡 Don’t Have Someone You Trust? Hire a Pro.
Not everyone has a deep bench of reliable people to choose from—and that’s OK.
You can hire a professional, like an attorney, fiduciary, or elder care money manager to take on the role. Just make sure they’re reputable. Avoid anyone who pushes to take control of your finances—it’s a red flag. Scams and financial abuse are real risks here.
How to Set Up Your POA
We recommend using Trust & Will to create your:
- Will
- Living will
- Power of Attorney paperwork
It’s fast, secure, and more affordable than hiring a lawyer. Once you’ve filled out your documents, you’ll need to sign them with witnesses and have them notarized.
Store the paperwork in a safe place and let your agent know where to find it. Pro tip: Create an “In Case I Die” file that includes passwords and account access info.
Planning ahead may not feel urgent now—but your future self (and your finances) will thank you.