A power of attorney, or “general durable power of attorney”, is a legal document where you designate someone else (known as your “agent”) to be able to make financial and property decisions on your behalf if you are unable to make those decisions for yourself.
If you do not have a power of attorney and become incapacitated, no one will have the authority to transact for you, not even your spouse (if you have one). Without a valid power of attorney, a court may have to get involved in a burdensome, lengthy, and expensive proceeding to have you declared legally incompetent, and, to appoint a legal guardian to manage your money and other financial affairs during the time that you are alive but incapacitated.