Editor's note: This post was originally published Nov. 7, 2023, and has been updated for accuracy, comprehensiveness and freshness on July 8, 2024.
Is your child heading to college? Whether it’s the beginning of their university adventure or they are seasoned under-grads, they may still need your help with financial and medical needs. It might be time for you and your child to start looking into a Power of Attorney (POA).So, what is a Power of Attorney?
A Power of Attorney is a legal document that can allow someone to make financial, medical, and other important decisions on behalf of someone else. This could be beneficial if your child needs help managing money, or perhaps they have a chronic illness that means they require extra help with medical issues.
Let’s say your adult child executes a POA. Your child becomes the principal, giving you authority related to certain parts of their life. This makes you the agent or attorney-in-fact. If you think you can better serve your child in their college journey by becoming their agent in a Power of Attorney, read on to find out more details to help you get started.
Some of the biggest issues that your college student might face are going to be financial or medical. Remember when you were first learning about money matters on your own? It can be overwhelming! Paying bills on time, managing accounts, filing taxes by the deadline, and submitting tuition money can be complicated for your child to handle on top of their other college duties. A Durable POA can give you the chance to help when needed.
While we all hope that our children stay safe in college, medical emergencies or illnesses often arise when least expected. A Durable POA lets you access your child’s medical records if needed.
If you are wondering how to sign as Power of Attorney, it really isn’t very complicated. Most of the work is in the conversations that you and your child should have as you decide what kind of authority they will give you.
The principal (the person who granted the Power of Attorney) can override the POA for any reason. If your adult child gets better from their illness or decide for any reason that they no longer want you to have Power of Attorney. They may also decide to name someone else as their agent.
As you and your child discuss Power of Attorney options, you should both keep these things in mind:
Finding solutions to your legal issues doesn’t have to be stressful, complicated or expensive. LegalShield puts the access of legal advice within your reach. We work hard to make it easy, simple, and affordable for you to get the access to legal help you need when you need it.
When you become a LegalShield Member, you have access to a dedicated provider law firm in your state. You can schedule consultations, get help reviewing paperwork, may have a LegalShield provider lawyer make a phone call or write a letter, and receive other important legal services at a fraction of the cost that other lawyers would charge you per hour.
If your adult child becomes a LegalShield Member or is a covered dependent under your legal plan, they can get assistance with creating a Power of Attorney. If you become a member, you too can benefit from the diverse ways that LegalShield can help you!
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