Do you have a child or grandchild going off to college this fall? If so, you should make sure they have a healthcare power and financial power of attorney signed before leaving for school.
If he or she is not already, during their freshman year, your college student will likely turn eighteen years old and be an adult in the eyes of the law. If they need help, the power of attorney gives the agent authority to make decisions.
A healthcare power of attorney allows you to make healthcare decisions for your child or grandchild in the event something happens to them and your child is not able to communicate with a doctor. It is possible while away at school or studying abroad your child may need medical attention. If your child has a properly drafted power of attorney the agent agent can make medical decisions or him or her.
A financial power of attorney will allow you to make financial decisions for your child or grandchild. With a financial power of attorney or durable power of attorney you are able to make financial or legal decisions on his or her behalf including managing bank accounts, applying for government assistance, including filing a FAFSA to obtain financial aid for school, or break an apartment lease.
If your child is going to school out of state, your child should have a power of attorney in their home state as well as the state in which they will be residing while away at college. Protect your college student by having them sign both a property power of attorney and a financial power of attorney.