Why Legal Preparedness Matters and How to Create these Documents
Powers of Attorney for College Age Children
As parents, sending a child off to college is a significant milestone, symbolizing their transition into adulthood and independence. This new chapter also brings the opportunity to address important legal and practical matters that will support their journey. One key aspect to consider is establishing healthcare and property powers of attorney (POA) for college-aged children. This proactive step ensures that you, as a parent, can manage your child’s affairs and make decisions on their behalf if needed, providing peace of mind and a solid foundation for their future.
Why Healthcare Powers of Attorney Matter
A healthcare power of attorney (POA) designates a person to make medical decisions on behalf of your child if they are unable to do so themselves due to incapacitation. Here’s why this document is vital:
- Medical Emergencies: College students are often away from home and may face unexpected health issues or accidents. Without a healthcare POA, you might find yourself unable to make crucial medical decisions or even receive information about your child’s condition. “This document empowers you to step in and make informed decisions about their treatment and care, providing peace of mind and ensuring your child’s well-being is always prioritized.
- Access to Medical Information: Privacy laws, such as the Health Insurance Portability and Accountability Act (HIPAA), restrict the release of medical information without explicit authorization. A healthcare POA allows medical professionals to share necessary information with you, ensuring you can stay informed and involved in your child’s care.
- Decision-Making Authority: In cases where your child is incapacitated, a healthcare POA gives you the legal authority to make decisions about their medical treatment, which might include choosing healthcare providers or consenting to necessary procedures.
The Benefits of Property Powers of Attorney
A property power of attorney allows you to manage your child’s financial and legal affairs if they become unable to handle these responsibilities themselves. This document becomes particularly important for the following reasons:
- Financial Management: College students often manage their own finances, but emergencies can arise where they might be unable to address their financial matters. A property POA grants you the authority to handle their bank accounts, pay bills, and manage other financial obligations.
- Legal and Administrative Issues: If your child encounters legal or administrative issues—such as signing contracts or handling rental agreements—a property POA allows you to act on their behalf. This can prevent delays and ensure that important matters are addressed promptly.
- Peace of Mind: Knowing that you have the legal tools to manage your child’s financial and property matters in the event of an emergency provides peace of mind. It alleviates concerns about potential legal and administrative hurdles that could arise.
The Positive Implications of Legal Preparedness
Once a child reaches the age of 18, they are legally considered an adult, and parents lose their automatic right to make decisions on their behalf. This milestone highlights the importance of establishing healthcare and property POAs before your child leaves for college. These documents enable you to continue supporting and managing their affairs if needed, ensuring their well-being, and providing peace of mind for both you and your child.
How to Create These Documents
Creating healthcare and property powers of attorney involves drafting legal documents that must be tailored to meet your specific needs and comply with local laws. Here are steps to consider:
- Consult an Attorney: Engage a legal professional who specializes in estate planning or family law. They can guide you through the process and ensure that the documents are valid and comprehensive.
- Discuss with Your Child: It’s important to have an open discussion with your child about the purpose and implications of these documents. Their understanding and consent are crucial.
- Finalize and Store the Documents: Once the POAs are created, ensure they are signed, notarized if required, and stored in a secure location. Provide copies to relevant parties, such as healthcare providers or financial institutions.
While it might seem premature to think about these legal documents for a college-aged child, the unexpected can happen at any time. Establishing POA’s can be a part of teaching your child about responsibility and planning. It encourages them to consider their own future and the importance of having legal safeguards in place. By taking this important step, you’re not only safeguarding their interests but also empowering your child and providing yourself with peace of mind during this transitional period.
