Importance of a Power of Attorney for New College Students
It’s hard to believe, but a new cohort of high school graduates is already settling into their college campuses. If you’re the parent of a recent high school graduate; chances are, your child is now an adult and you no longer have certain rights or responsibilities regarding your child. Without proper estate planning, like a durable and/or medical power of attorney, you may have trouble helping your child in emergencies. In this article, we will explain the benefits and reasons why parents of new college students should consider drafting these documents for their children.
Durable Power of Attorney
A durable power of attorney grants parents authority to manage and make decisions regarding their child’s monetary matters. With this document in place, parents can confidently handle these scenarios:
- Pay your child’s medical bills and handle insurance claims in medical emergencies.
- Pay rent or cancel a rental agreement.
- File tax returns.
- Apply for and receive government benefits.
- Pay credit card bills, utilities, and other outstanding debts.
- Access and manage your child’s financial accounts if they are unable.
Medical Power of Attorney
Additionally, consider drafting a medical power of attorney. This document eliminates the need for court approval, which can cause delays and additional stress during a medical crisis. With this document, you as a parent will have the right to:
- Review your child’s medical records.
- Speak with medical providers.
- Make medical decisions on behalf of your child without court approval.
With a medical power of attorney, parents can navigate emergency situations more effectively and make necessary medical decisions without legal complications.
Contact Fausone & Grysko, PLC Today!
If you want to avoid these problems, we recommend being prepared. During this potentially stressful time of life, let us help create peace-of-mind for you and your child.