The Missing Piece in Your Estate Planning Toolkit: Powers of Attorney

The Missing Piece in Your Estate Planning Toolkit: Powers of Attorney

By Melinda Gustafson Gervasi

April 20, 2026

We all like to think we’re in control, but what happens when you’re suddenly not? Whether it’s an unexpected medical emergency or a simple accident, there's one type document that can make the difference between a smooth transition and a legal nightmare. Surprisingly, nearly 90% of American adults are missing it according to the most recent report by trust & will. This Monday, we’re talking about the documents you should not live without: the Power of Attorney.

MarketWatch's article highlights a significant gap in Americans' estate planning -- only 1 in 10 Americans have a power of attorney in place. If you are one of the many without this key document, here are 5 things to know:

1. A power of attorney comes in to play if you are alive, but unable to act due to illness or an accident. A will only says who is in charge if you have died;
2. There are two types of powers of attorney -- one is for health care decisions, the other is for financial decisions; 
3. In many states, if you do not have a power of attorney in place and you are suddenly unable to make decisions, someone in your circle of family and friends will need court approval (guardianship) to make decisions.  This often involves hiring an attorney and going to court; it takes time, costs money, and happens while you are critically ill;
4. Anyone over 18 benefits from these forms. Accidents and illnesses don't discriminate by age, and once someone turns18, parents no longer have the automatic legal right to manage your affairs; and 
5. Many states offer free, fill-in-the blank forms through State agencies.  For example, in Wisconsin where I live, forms can be found online through the Department of Health Services. 

Thinking about who will act if you are suddenly unable to do so is not fun.  However, it is far easier to digest than having a medical crisis spawn a financial crisis if you are unexpectedly incapacitated.  Take control, complete the forms, and then go about enjoying all life has to offer.

Tune in next week when I share qualities that I think are useful when deciding who to name as your power of attorney for finances as well as your power of attorney for health care.  Remember, a blog is not legal advice -- it is meant to spark thought and reflection.  Seek legal counsel from an attorney in your state of residence.  If you enjoyed this post, consider sharing it on your favorite social media platform.  And if you want to help fuel the creativity, consider leaving a tip in the Buy Me A Coffee icon in the upper right hand corner.  Be well, and thanks for reading!