Your child’s 18th birthday is an exciting, but nerve-wracking event. They now have full control over their finances and medical decisions, which understandably stresses some parents. You no longer have access to their medical records, or the ability to make important medical decisions for them. While you may be concerned, some options will allow you to retain the ability to make medical or financial decisions on their behalf, if they’re ever unable to themselves.
Their School May Require It
If your child will be continuing his or her education beyond high school, do not be surprised if they request (or require) that you provide a copy of your child’s Power of Attorney.
Financial Power of Attorney
A financial power of attorney can give you the ability to manage different aspects of your child’s finances, make investments, and access their financial information. As with any power of attorney, you can have it go into effect for a certain amount of time, only if your child becomes unable to make decisions for themselves or otherwise incapacitated, or have it go into effect immediately and last indefinitely. It would allow you to manage your child’s finances even when they’re not around.
Medical Power of Attorney
If your child is 18 or over and has not signed a Power of Attorney covering medical decisions, you may not make any medical decisions on your child’s behalf, even if they were to become incapacitated. Should that happen, you would have to go through the court system to get guardianship rights, which can take time and money. It’s much less expensive to get a medical power of attorney that lets you make healthcare decisions on their behalf, even if they were to become incapacitated.
How can I get Power of Attorney for my Child?
It is highly recommended to work with a estate planning lawyer when creating power of attorney, for several reasons. First, these documents need highly specific wording to ensure you have the right to access the necessary information for your child and take action on their behalf. They must also be the correct version to ensure compliance with current law. Your attorney will also be able to keep the documents up to date, including any other optional documents you may choose to use, such as a living will.
If you would like to get a power of attorney for your child, HighPoint Law Offices is here to help. We have a wealth of experience in creating power of attorney, guardianship, and other legal documents to help families just like yours. Contact us today for more information.
