Elder Financial Spring Cleaning: Financial Power of Attorney

Who holds an elder's financial power of attorney?  Who should hold it?

The person holding a financial power of attorney should be mature, responsible, and capable of making good decisions.  The gentleman below might not be the ideal choice - no helmet, no body armor - though he is keeping his balance well.

Should the favorite daughter be selected? What about the niece or nephew who is a CPA?  I'd argue that the best choice is the person who  has the best track record of responsibility with money, who doesn't have addiction issues, and who isn't in a ton of debt.  Steady and conservative with money - those would be traits to look for.  And what to stay away from? Avoid a Lottery mentality.  Avoid big, splashy and conspicuous consumption.  

This requires a visit to an attorney.  Draw on their wisdom - they've likely done a lot of power of attorney documents.  Ask about the types of people selected to be power of attorney who are successful.  You're paying your attorney.  Listen to their counsel.