As your family prepares to send your child off to college, there are numerous preparations to make. In the whirlwind of packing and planning, most families will often overlook a crucial necessity, legal protections. An essential legal document that can provide peace of mind for both you and your college-bound child is a Power of Attorney (POA).
Understanding Power of Attorney
A Power of Attorney is a legal document that allows an individual to designate another person to make decisions on their behalf. These decisions can be related to financial matters, healthcare, or other personal affairs. For a college student, granting a POA to a trusted parent or guardian can be immensely beneficial.
Financial Protection
Once your child turns 18, they are legally considered an adult. This means that parents no longer have automatic access to their financial accounts or the ability to make financial decisions on their behalf. A POA can ensure that you can assist your child with financial matters, such as managing bank accounts (paying tuition, rent, etc.), handling financial aid, and overseeing investment accounts.
Healthcare Decisions
Medical emergencies can happen unexpectedly. Without a POA, you may face challenges in accessing medical information or making healthcare decisions for your adult child. A POA for healthcare allows you to access medical records, make medical decisions if your child is unable to do so, and communicate with healthcare providers. HIPAA regulations restrict access to medical information without explicit consent, so a POA grants this authority on your child’s behalf.
Peace of Mind
Perhaps the most significant benefit of a POA is the peace of mind it provides. Knowing that you can step in to help your child, even from a distance, can alleviate much of the stress associated with this transition. For your child, it means knowing they will have you to handle important matters when needed.
As you check items off your college preparation list, we encourage you to consider what a POA can offer. Our experienced estate planning attorney, Shira Frackt, Esq., will help you understand the specifics and ensure that all necessary legal protections are in place. Send your loved one off to college with confidence and security; Contact UBFK Law today.