Article / Updated 03-26-2016
Copyright © 2014 AARP. All rights reserved. If you need to step in to help take care of an older person’s finances while planning their long-term care, an alternative to holding a joint bank account is receiving financial power of attorney. Two types of power attorney are available: conventional and durable. Conventional power of attorney Conventional power of attorney is granted by a document, signed by one person, giving another person permission to take care of different kinds of financial affairs, like signing checks, agreeing to pay a contractor for home repairs, handling bank accounts, and taking care of other tasks.