A fair question and one that has been asked by friends and clients alike. The issue is if you do not have Powers of Attorney in place and something happens to you (for instance an accident or sudden illness) and you lose your capacity to manage your own affairs, Powers of Attorney are no longer an option as they can only be created while you have the mental capacity to create them. Instead, a person close to you will have to obtain a guardianship order from a judge to be able to begin making decisions on your behalf. This involves a lengthy application process that requires extensive legal work and is significantly more expensive than preparing Powers of Attorney. Not to mention, you no longer have the final say for who becomes responsible for managing your property and your personal care.