Turning 18 is an exciting time for your child. He or she is now considered an adult in the eyes of the law. Whether still in high school, heading off to college, traveling abroad, getting a first job, or entering the military, you need to arrange for a durable power of attorney for college students and young adults over 18.
There is a lot to think about when your child becomes an adult. Even though he or she may still be living under your roof and 100% dependent on you, legally, your child will be signing forms and making decisions. If your son or daughter is away from home, and a legal or financial situation requires attention, a completed durable power of attorney form will allow you to act on his or her behalf.
Healthcare Power of Attorney
A healthcare power of attorney is a legal document naming you the parent a “medical agent” for your college student. If your child becomes medically incapacitated, you can make informed medical decisions on their behalf. This document can name you as the sole point of contact and decision-maker. That will allow you to decide the best course of action with the doctors.
What happens if you do not have a healthcare power of attorney in place? The doctors will be the ones who make the decisions about care for your child, and no parent wants to be put in that situation.
Additionally, with COVID-19 restrictions, hospitals may not share any information regarding your son or daughter. Once again, no parents want to be put in that situation.
Why Does My Child Need a Durable Power of Attorney?
Chances are your child does not own property or have a large investment portfolio. There are plenty of other reasons why having a durable power of attorney for college students is vital. If your child is away and you must wire money from his or her bank account, you will have the ability to do so even if you are not a co-signer on the account. Perhaps your child has a lease for an apartment at college, and there is an issue. Unless you have a durable power of attorney, they will likely not discuss anything with you.
Since no one ever knows what the future holds in store, it is essential to be prepared in case an unexpected situation arises.
Speak with an Estate Planning Attorney
If you have questions about a Durable Power of Attorney or Health Care Power of Attorney, such as questions about the requirements or about North Carolina’s laws, you need to speak with an experience attorney who can help answer your questions. Maginnis Howard’s estate planning attorneys are experienced and prepared to answer any questions that you might have.
You can call Maginnis Howard at 919.526.0450 to speak with an estate planning attorney or email us with any questions at info@MaginnisHoward.com. Maginnis Law also offers personal injury, consumer law, employee rights and business litigation attorneys as well.