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Yes, absolutely essential. Best done with a reputable elder law attorney who can walk you through all the complex messes that can occur when old folks transition to assisted living and skilled nursing.

The next step after POA is getting it filed with the banks so that you can monitor everything that happens and intervene as needed.

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Does this mean sending a copy to literally every bank? Dozens of major ones? Or just banks which your parents have a relationship with? Is there a central authority for this sort of thing?

No, sorry I wasn't clear, just the bank(s) that your parent has accounts in.

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