What’s Often Forgotten When the Kids Go Off to College
John Crawford Sep 21, 2017 in Estate Planning & Preservation
It’s that time of year across the nation.
College students have moved into their dorms, set up class schedules, made friends, and, of course, are thinking about football. Parents, on the other hand, are focused on more practical priorities, such as making sure financial aid is in place and tuition bills are paid.
However, there’s a very important item most people don’t think to put on their college checklist – having their adult child execute a durable power of attorney.
Why Your College Students Needs to Execute a Power of Attorney
Every parent knows that even though their child is an adult and off to college, they still need help from Mom and Dad every now and then. They may turn to you for help with unfamiliar financial and/or legal situations.
However, once you start making those phone calls, you may quickly find that no one is willing to talk or work with you. This is because, now that your child is 18, you can no longer act on his or her behalf without them legally authorizing you to do so. This is where a durable power of attorney is extremely handy.
The easiest way to avoid all this frustration is to contact us. We can prepare a durable power of attorney for your child’s execution. Of course, your child will have to agree to this, but we are happy to talk him or her through it.
This simple inexpensive document will give you the legal authority you need to act on your child’s behalf in legal and financial matters. At the same time, your child may also want to consider giving you a medical power of attorney giving you authority to discuss medical issues with the child’s care providers in the event of an accident or other medical emergency.
If you would like further information on this subject, read an excellent article on this subject by Jerilyn Klein Bier: “College Students Need a Power of Attorney”.Share