The purpose of a Power of Attorney form is to nominate another person to manage financial matters, if you are either physically or mentally incapacitated. The person you nominate as your agent, or attorney-in-fact, can act for you regarding dealings with IRS, Social Security, banking, paying bills and a variety of of other matters, when you are unable to do so for yourself.

If you do not have a Revocable Trust or a completed Power of Attorney and you become incapacitated, then someone will have to be appointed by the Probate Court as a conservator to handle your matters. This is very expensive and time consuming, and may be avoided if you have a proper Estate Plan prepared.