Yes, it is still a critical document. While a Durable Power of Attorney may not be necessary for your spouse to access money in accounts held jointly with him or her, a Durable Power of Attorney goes beyond paying bills and dealing with bank accounts. In the event of incapacity, a Durable Power of Attorney would be critical in many scenarios. A durable power of attorney may be necessary to deal with insurance matters, arranging payment plans for doctors, applying for Medicaid for long term care needs (home health aide, or nursing home), establishing a trust for your benefit to preserve your money or joining a program to access or maximize government benefits, selling or buying a home, dealing with a mortgage or other loan, to name a few. Even if you own your home jointly with your spouse, if you lost mental capacity, your spouse wouldn’t be able to manage real estate issues on your behalf, such as selling your home, without a durable power of attorney in place. Further, some institutions and residences wouldn’t accept a new resident if there wasn’t an effective power of attorney in place. Think about anything in the world that you sign for on your own behalf – if you were incapacitated, you would want the peace of mind knowing that the person you choose and trust can deal with whatever financial or legal situation arises to best address your needs.
By Esther Schwartz Zelmanovitz
