Power of Attorney in 2026: The Document 70% of Adults Don't Have That Could Save Your Family From Financial Disaster

# Power of Attorney in 2026: The Document 70% of Adults Don't Have That Could Save Your Family From Financial Disaster

> **Quick answer:** A power of attorney (POA) is a legal document authorizing a trusted person to manage your finances or make medical decisions if you become incapacitated. Without one, your family has no legal authority to access your bank accounts, authorize medical care, or pay your bills — and their only option is a court guardianship process that costs $5,000–$15,000 and takes months. According to the Trust & Will 2026 Estate Planning Report, only 11% of U.S. adults have a financial POA. A properly drafted durable POA costs between $0 and $500. The math here is not complicated.

A stroke. A car accident. An unexpected surgery. Any of these can leave you temporarily or permanently unable to manage your affairs — and the gap between "has a power of attorney" and "doesn't" can be measured in tens of thousands of dollars and months of family anguish. In 2026, fresh data from Trust & Will's nationally representative survey of 5,000 U.S. adults confirms the scale of the problem: only **11% of Americans have a financial power of attorney**. If you are reading this without one in place, you are in the overwhelming majority. You are also at serious financial risk.

> **This article is for informational purposes only and does not constitute legal advice. Consult a qualified attorney for legal matters specific to your situation.**

## What Is a Power of Attorney — and Why the 2026 Numbers Are Alarming

A power of attorney is a legal document in which you (the "principal") grant another person (the "agent" or "attorney-in-fact") the authority to act on your behalf. Depending on how it's drafted, that authority can cover your bank accounts, investment portfolio, real estate, tax filings, medical decisions, or all of the above.