What good is having access to a safe deposit box if you don’t have the key and you’re not ont he signature card?
What if someone asked you to drive his car in an emergency but he didn’t give you the car keys?
What if a relative wanted you to handle financial matters for her, but the authorization she signed for you didn’t work?
In each case, you’re holding a firecracker but you’re missing the fuse. You have only half of what you need to do the job. Without the activation half — the “Launch Code” — you’re stuck where you are, and so is the person you’re supposed to be helping.
So, you can have very important-looking papers which authorize you to act if someone else is disabled. They have familiar titles, like “Financial Power of Attorney” or “Living Will.” They read right: you are to collect the income, pay the bills and do all the financial chores for that person. Read more