The day will come when you realize that your parent or parents are no longer going to stay young and the hardest topic of all is going to be facing you and that's the end of life topic. Who is going to take care of all of their business? This is an issue that is very stressful not just for you but for your elderly parent. You need to be able to protect them when they no longer can and that can only be done if you have power of attorney for them.
The first thing you must do is talk to a practicing attorney. A document for a power of attorney is extremely important and you will need a qualified attorney to make sure that all of the laws in your state with regards to power of attorney are strictly met. If not, it's just a worthless piece of paper.
When you begin something like this, you need to make sure that your parent is of sound mind and that they fully understand the situation and that they fully agree that you should take on this responsibility. They need to be able to feel like they can trust you. You don't want to force this on them. If they are not able to understand what's going on you won't be able to get a power of attorney.
Even if your parent verbally says that they want you to take care of everything for them, means nothing unless it is put down in writing. There are only a few states that will accept anything that is verbal. So you need to make sure that whatever their wishes are, are put down in a legal document to be on file.
Your parent must list everything that they want you to be in charge of and then this must be given to an attorney who will then make sure that everything that is listed will be included in this document. Once this is done, you will then need to sign it as well as have your parent or parents sign it. In some states you will also need to have witnesses sign it as well as have it notarized.
This is something that should not be taken lightly and you really need to talk to your parents about something like this while they are still half way healthy. Yes, it's a tough subject but it is something that must be done if you want to be able to legally help your parents when they may need you the most. If you do not have something like this in place the state will take over and things that your parents may have wanted may end up going by the wayside. After all the years and pain and tears they put into their lives, the least anyone can do for them is to honor what their last wishes are.