A financial power of attorney is a legal document that grants an appointed individual the authority to manage a person's financial affairs, including paying bills, managing investments, and making financial decisions on their behalf. This type of power of attorney is typically used by individuals who are unable to manage their financial affairs due to advanced age, illness, or incapacity. The appointed individual, or agent, is usually a trusted family member, friend, or legal professional. It is important to choose a responsible and trustworthy agent and to specify the scope of their authority in the power of attorney document.