Heading off to college is a big moment for almost every young adult, and brings with it a whole new breadth of freedom and independence. Understandably, a lot of parents are concerned for the well-being of their children who are on their own, potentially for the first time in their lives. Power of attorney documents can provide the best of both worlds by providing young adults the freedom they want, while also providing parents the ability to assist in their child’s financial and medical needs if necessary.
Why Do I Need Power of Attorney for My College Student?
For some parents, this actually may not be an option – some colleges are now requiring parents to have established power of attorney for their children before they’re admitted, and for good reason. Because most students entering college have just turned 18, parents no longer have a say in their financial or medical decisions.
Unfortunately, even in cases of severe injury, parents cannot legally receive any information or make any decisions about their child’s health without these important documents. Similarly, parents cannot manage any of their finances or assist in financial issues without financial power of attorney, which could lead to issues in cases where your college student is attending school in an area without access to a branch of their bank. We hope you’ll never have to utilize power of attorney, but it’s always best to establish it just in case.
If your child is excited about the freedom and new experiences that college provides, and is concerned over parents’ ability to make decisions for them, power of attorney documents can still serve their independence while providing you the necessary security of taking over when needed. Power of attorney documents can be drafted to only take effect in cases of emergency, when the individual is incapacitated or otherwise unable to make decisions for themselves. In this case, your college student will have the full freedom and control of adulthood to make their own decisions, just like any other adult. Bringing up this point can be a great way of starting the conversation with your child about the necessity of these documents and how they won’t impede their valuable college experience.
Most importantly, your power of attorney documents need to be effective. Laws surrounding power of attorney vary from state to state, and what works in one state may not work in another. As such, you should always work with a qualified estate planning attorney to ensure that you’re covered both in your state and wherever your child is going to college. If you’re ready to get started, HighPoint Law Offices can help. With our experience in estate planning, we can ensure your power of attorney documents will remain effective for as long as you need. Contact Highpoint Law today for more information.
