The coronavirus (COVID-19) pandemic has many adult children attending college but taking virtual classes on campus or taking virtual classes while living at home with their parents temporarily. Young adults often live on the misconception that they are invincible, which puts them at risk of harm from an accident or an unforeseen illness. Parents often assume that if something did happen to their adult child or children, they would automatically be allowed to make both financial and medical decisions on behalf of the adult child. However, once a child turns 18, parents should not simply assume they will always be able to act on behalf of their adult child in the event he or she is incapacitated or needs someone to act on his or her behalf.
It is for this reason I recommend parents have their young adult child sign both a medical and financial power of attorney. These documents allow the person to name an agent to act on his or her behalf for financial reasons, including accessing the adult child’s bank accounts, paying his or her bills, preparing and filing the young adult’s income taxes, and even handling legal issues on the adult child’s behalf.
Similarly, a medical power of attorney allows the parent or parents to act on behalf of their adult child for medical decisions in the event the child is incapacitated. With the current medical crisis ongoing, in the event the unthinkable occurs and the child is either seriously ill and not able to speak for himself or herself or injured, the medical power of attorney ensures that the parent or parents have the ability to make vital medical decisions.
These documents are more necessary than they seem. In the event someone does not have a power of attorney for financial or medical purposes, this opens that person up to potentially needing a guardian or conservator formally appointed for him or her, which is not only an expensive process but also a lengthier one, as well. At Sullivan Law Office, we are happy to meet with both the adult child and parent(s) to answer any questions and discuss what would work best for their situations through a free consultation.
At Sullivan Law, we offer estate planning packages at a flat and reasonable fee. We also offer free consultations to discuss what your needs are, what you would like to do, and how that can be best accomplished. Everyone’s needs are different, and your wishes should be clearly listed and understood.
Call us at 248.917.1351 or email at asullivan@sullivanlawonline.com to schedule your free consultation today. We look forward to working with you!