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.