As a parent, you know your child will always hold a special place in your heart. However, it is important to understand that your child legally becomes an adult at midnight on their eighteenth birthday. This significant milestone not only opens the door to new opportunities and responsibilities for your child but also brings substantial changes to your relationship that both of you may find challenging to navigate, especially if they are preparing to start their college journey.
Once your child is considered a legal adult, your authority to make decisions on their behalf decreases in several key areas. For example, you can no longer make medical decisions for them or manage their financial matters as you once did. This shift can be particularly daunting, as it requires both you and your child to adjust to a new dynamic where they are responsible for their own choices and well-being. To ensure you can still assist your child in critical situations—such as healthcare decisions or financial management—it may be time to establish a power of attorney for your college student. This legal document grants you the authority to act on their behalf in specified matters, providing peace of mind while allowing your child the independence they desire.
What Is a POA?
A power of attorney is a formal legal document that an adult, known as the principal, executes to grant another adult, referred to as the agent or attorney-in-fact, the authority to make decisions on their behalf. This legal arrangement is particularly useful in scenarios where the principal may be unable to manage their affairs due to absence, health issues, or other circumstances.
POA for Your College Student
A power of attorney can be tailored to be quite specific, focusing on particular tasks or responsibilities. However, when you consider establishing a power of attorney for your college student, it may be better for you and your child to opt for a more detailed approach. This broader authority would enable you to effectively manage various important matters on their behalf, particularly if they become legally incapacitated.
In addition, those with college students should consider a power of attorney that is “durable.” This means that it will remain valid and, in effect, even if your child should lose the capacity to make decisions for themselves, ensuring continuity in management and support. This careful consideration can help both of you feel more secure about their well-being while they navigate college life.
How Can a POA Help Your Child?
Initiating a thoughtful conversation with your student about their college experience is important before they head off on this exciting chapter of their life. This planning phase should not only focus on academics and social life but also include crucial financial considerations.
One valuable step is to create and sign a durable power of attorney for their finances. This important legal document will grant you the authority to manage various financial responsibilities on your student’s behalf, ensuring their economic well-being is maintained even in challenging situations, including:
- Medical Expenses Management: In a medical emergency, having a durable power of attorney allows parents to quickly pay their student’s medical bills and handle complex insurance claims. This can alleviate stress and ensure they receive the necessary care without the complications of delayed payments.
- Housing Arrangements: A power of attorney can enable parents to effectively manage their student’s housing obligations.
- Accessing Government Benefits: The power of attorney allows parents to apply for and receive any eligible government benefits their student may need, such as financial aid, healthcare assistance, or disability support.
Contact Losavio & DeJean for Additional Information
If you want further information about POAs and whether your child needs one, contact Losavio & DeJean, and review these questions with an experienced estate planning attorney.