Why Do I Need A Power Of Attorney?

Why should I have a power-of-attorney if I have already added my children to my bank accounts?

Although the children would be able to pay the bills from the bank accounts, they would not be able to sign hospital admission papers, nursing home agreements, or any other legal documents without a power-of-attorney, unless they were willing to personally obligate themselves for the bills, regardless of how high they may go.

By signing as POA, they are only agreeing to pay bills as long as the parents’ money is available. With privacy laws that are in place these days, the children may not be able to get any information regarding the health issues without a valid power-of-attorney or health care surrogate form.