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What if there are problems with the financial institutions? Yes, you will need POA. Don't run out to get that done. Many institutions have their own POA forms.

Revise your profile to delete the name of dad.
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Your profile says he has ALZ/dementia and is already living in a facility. What do you mean "handling" the finances -- put everything on auto pay? Is he on Medicaid? Or does he have any investments that may need to be accessed in the future to pay for care? In order to *legally* manage his affairs into the future, PoA would be necessary. Seems like that ship has sailed. Guardianship may be necessary depending on what other variables are in play.
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She does not need POA as long as her name is on all of dad's bank accounts. Hopefully dad has already brought daughter to the bank and had her added to all bank accounts. If not, and he is still somewhat presentable as lucid, do so immediately.
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Does she have Medical Power of Attorney?

Medical and Financial POA are different and the first is needed to make treatment decisions if the patient is incapacitated.
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It is too late for her to get POA if father has been diagnosed with dementia. It would have been very helpful to her, but you cannot have POA without the patient's signature, and someone diagnosed with dementia cannot legally sign something on their own behalf. If dementia is only suspected/assumed and a doctor has never put it in writing, tell her to get that POA NOW. Don't delay. However difficult this is, the eventual alternative is much worse.

Otherwise, she has two options: carry on taking care of finances, however she's doing it without POA, until she runs into a roadblock. Or become guardian. Guardianship is a long and expensive process that's filled with legal red tape. It's a real PITA. My case was extra complicated, costing my mother's estate over $16K. What they don't tell you is that the guardian pays the legal fees at first and is only reimbursed by an order from the judge. This always took months, in my case.

To anybody out there, get POA before your loved one is diagnosed with dementia, or some other mental condition that renders them incompetent to sign a paper.

*Edit: a third option is for her to consent to the facility petitioning for a professional guardian to be appointed by the judge. It would then not be her responsibility. Sometimes this is the best option for the family, especially if there's not much of an estate (if there is, this option will drain it quickly).
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A person must be mentally competent in order for him or her to give/confer POA on another individual. The daughter would have to now be made guardian or conservator and yes, should do this. She is acting in handling the finances of a helpless elder. This is a fiduciary duty legally, and she has obligations legally. She should see an elder law attorney to check on options. Often a social worker, should this elder be hospitalized can be helpful in getting emergency guardianship through a phone call to a judge, and it is then easier to get permanent guardianship.
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