While your young adult children won’t be heading off to college until August, it’s time for parents to have their children sign a medical power of attorney and financial power of attorney prior to the start of the semester. It is important that parents talk through and have their children sign power of attorney forms so that in the event of an accident or illness, the parents can act on behalf of their child.
College students often live busy lives and join different student organizations with their newfound sense of freedom. This freedom often gives them the false sense of being invincible which can put them at risk of harm or illness.
Once your child turns 18, parents do not always have legal authority to act upon their child’s behalf. Instead, parents should prepare so that they can have legal authority to act financially and medically for their child, should they need to.
Financial Power of Attorney: Becoming the financial power of attorney to your college student would allow you, as a parent, to make financial decisions in the instance where your child is unable to do so on their own. A financial power of attorney can pay bills, file taxes, and have access to bank accounts.
Medical Power of Attorney: A medical power of attorney will allow a parent to make medical decisions for their child in the event the child is incapacitated. Being your child’s medical power of attorney would ensure that you can make medical decisions and see medical records on behalf of your child when they are unable to do so themselves.
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 and get your child’s medical and financial powers of attorney completed prior to your child leaving for college. We look forward to working with you!