What Happens If There Is No Power of Attorney in Place?
A Power of Attorney is a critical legal tool that allows someone you trust to manage your affairs if you are unable to do so. But what happens if there is no Power of Attorney in place when it’s needed? The consequences can be stressful, costly, and time-consuming for loved ones. Loss of Decision-Making Control Without a Power of Attorney , no one automatically has the legal authority to manage your financial or legal matters if you become incapacitated. Even close family members, such as spouses or adult children, may not have immediate rights to access bank accounts, manage property, or sign legal documents on your behalf. This can create serious complications during medical emergencies or unexpected accidents. Court-Appointed Guardianship If a person becomes mentally or physically unable to make decisions and does not have a Power of Attorney , family members may need to apply to the court for guardianship or conservatorship. This process in...