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 I am not an attorney nor is KatTax.  This is not intended to provide legal advice.

Every person needs two powers of attorney.  One relates to transacting financial business.  The second relates to health care decisions.

An agent under a power of attorney for financial affairs has the ability to sign income tax returns or transact financial business including access to the principal's assets like their bank and investment accounts.

An agent under a power of attorney for health care decisions has the ability to direct medical care or to make the decision to "pull the plug."  Without anyone to make the medical decisions it is left up to the doctors to keep you alive.

Copies of these powers of attorney should be available to anyone at the time of need.  Post them on your refrigerator door, put them in your night stand, or give a copy to the person who is the responsible party.  A power of attorney that is locked in your safe deposit box does not help anyone.

A power of attorney lapses when the principal dies!

Many types of powers of attorney exist.  Get you attorney involved early.  Besides the powers of attorney you may need a will or a trust.  These are all hard issues to deal with.  Everyone thinks they will liver forever.  So far no one has.

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