Regardless of their age, a Virginia resident could realize many benefits by creating a financial power of attorney. The individual can designate someone to take care of their finances under the conditions that they specify. Usually, a crisis, such as mental or physical incapacity, triggers the transfer of financial decisions from the principal to the agent. A person might alternatively choose to hand off financial decisions as soon as the POA is executed. For a person who no longer has the ability to manage money, a trusted agent named by the POA could prevent bills from piling up and other financial problems.