A continuing power of attorney for property lets you identify someone who can sign for you if you become incapacitated. It can also be made effective immediately—not just when you become incapacitated.
When setting up a power of attorney, it is prudent to name a back-up person in the event your first choice has passed away or is incapacitated.
Although banks have their own form of powers of attorney, which can be useful, they are limited to banking only; they do not cover non-banking issues, and some may not even cover access to a safety deposit box.
If you have a power of attorney that was set up before 1995, it is very important to replace it with a new one. Before 1995, powers of attorney did not cover some incapacity situations, such as a case of severe mental illness requiring prolonged in-patient treatment in a mental health facility.