Life does not always unfold as planned. A sudden illness, an accident or an unexpected medical emergency can quickly turn routine financial decisions into complicated problems for families. Yet millions of Americans remain unprepared for that possibility.
A report highlighted by financial journalist Beth Pinsker indicates that nearly 90 percent of adults in the United States do not have a power of attorney in place. The figure comes from a national survey conducted by Trust & Will, an estate planning platform. Despite its formal name, the document serves a straightforward purpose. A power of attorney allows a trusted person to manage financial matters if someone becomes unable to handle those responsibilities themselves. Without that authority, even close family members may be unable to access bank accounts, pay bills or manage property. In many cases, relatives must seek court approval before they can take action.
