Even if you and your spouse own your home and bank accounts jointly, it’s usually best to have a Durable Financial Power of Attorney just in case something unforeseen happens to one of you. Let’s say you were in an accident and your spouse needed access to additional funds and assets beyond just your jointly held bank account in order to take care of your medical expenses. While your spouse would be able to sign checks and withdraw money from the jointly held bank account, they might NOT be able to access or manage other potentially high value assets like separately held accounts or 401(k) or IRA accounts held solely in your name. Some jointly held accounts may require the signatures of both spouses. Some agencies will require a Power of Attorney to apply for benefits for the incapacitated spouse. Also, you will need a Durable Power of Attorney to sell some jointly held property such as your home. The same applies to changing the name of a beneficiary on life insurance or retirement benefits. To provide your consent to these types of transactions while you are incapacitated, your spouse must be named as your agent under a Durable Power of Attorney.