Power of Attorney is an legal document that gives someone you choose the power to act in your place. You can give that person as much authority as you like. The person you pick is called your agent or Attorney-in-fact. If you have a Durable Financial Power of Attorney the person who you picked has the legal authority to pay for you in financial matters if you become incapacitated, To name some of the activities that person can do is use your assets to pay your bills and the bills of your family, buy and sell and maintain mortgage, pay your taxes, collect your social security Medicare and other benefits, invest money, handle bank transactions, buy and sell insurances, transfer property to trusts that you have established and manage your retirement account. I encourage all of the readers to go to the internet and read about this so that you are prepared if and when you need a person to act as an Durable Power of Attorney for yourself
The over 55 age group control approximately three fourths of the wealth in the USA. Whether married or single senior citizens must assume responsibility for their selves. If you are physically and mentally able, do not depend upon anyone to manage your budget, take an active part and learn to be responsible. Do not be gullible. Married seniors are both responsible to know where all of their assets are and how to manage those assets.
If you are incapacitated and need a person to act as your power of attorney pick someone who you trust to act on your behalf to manage your assets. A husband and/or a wife can have a Durable Financial Power of Attorney while one or the other is ill and unable to participate in the financial well being of their assets. The person who is appointed is obligated to act, always, in the best interest of the incapable one. But, we have read in the papers where this is not the case. So be careful when picking a person to help you when you are ill.
It is wise to have a Durable Medical Power of Attorney also. Yes have two different forms.
A legal form is available on the internet or at a store that sells legal forms. Fill in the blanks and sign the form, have it witnessed.