Should You Have a Power of Attorney for Your Children Going to College?
Few things are as exciting as watching your children go off to college. In many ways, it signals the end of their childhood and the beginning of their life as an adult. While you have undoubtedly prepared them well for this stage in their life, most parents neglect to provide a power of attorney for health care and a durable power of attorney for finances.
Why College Students Need a Power of Attorney
In the vast majority of cases, students heading off to college have recently turned 18. This means that in the eyes of the law, they are independent adults. Of course, just because they are legal adults doesn’t mean they are going to be entirely independent from day one. This is why helping them to set up a power of attorney for health care and finances is such a good idea.
Each of these documents enables your child to grant you the legal right to act on their behalf when needed. If they experience a medical emergency, for example, this document will allow you to make decisions about their treatment while they are unable. Without a power of attorney in place, there may be significant delays in receiving treatment. You may even need to have a court hearing in some cases.
A durable power of attorney for finances allows your child to name agents to assist with various financial transactions. For example, you will be able to more easily make tuition payments and discuss financial obligations.
Contrary to popular belief, a power of attorney does not simply grant you full and unlimited power over their life. When properly written up, your child will be able to benefit from these key legal documents while still maintaining independence and control over their own life.