College: Your child needs more than books and bedsheets, do not forget your Power of Attorney!
Posted July 16, 2023
Your student is an adult as far as the law is concerned at the age of 18, it is important that a Power of Attorney is in place so if a situation arises where your son or daughter cannot make financial and legal decisions independently, then you are ready to do it on their behalf.
A Power of Attorney is a document that allows you to make financial and legal decisions on behalf of your son or daughter in the event that they are not able to make those decisions independently. Upon turning 18, your son or daughter became a legal adult and your ability to protect them while away at college is jeopardized absent a Power of Attorney. Surely, nobody wants to experience the stress of wishing they either had a Power of Attorney or place when they are faced with an emergency involving one of their children. A few things a Power of Attorney will enable you to do include, but are not limited to:
- Conduct banking transactions on behalf of your son or daughter;
- File taxes and pay bills on their behalf; and
- Make investment decisions and execute legal documents.
The Power of Attorney is not a one-size-fits-all document. Rather, it can grant comprehensive powers through a Durable Power of Attorney, or it can be restricted through a Limited Power of Attorney. With help from an experienced attorney, you and your child can tailor the document to suit the specific needs of your family. Your child may grant your substantially all or just a limited set of powers can as they deem necessary and appropriate. Finally, similar to the flexibility of the powers that may be granted, the duration of the Power of Attorney may be expressly prescribed, too.
A Power of Attorney is a critical tool for parents to protect their college bound children. Contact my office today so that we can discuss how your family will benefit from a Power of Attorney.
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