When your child goes off to college, there are a lot of things to think about—from setting up a bank account to helping decorate their dorm room to making sure they are mentally and emotionally prepared for their new life. In all the chaos, it can be easy to overlook signing a power of attorney (POA). Not filling out a POA on your child’s behalf, though, can lead to plenty of difficulties down the line.
How Does a POA Work?
A power of attorney is an estate planning tool that allows another person to act on your behalf in a legal capacity. There are different types of POAs which cover different legal areas. For example, a financial POA allows a person to make decisions regarding your finances while a healthcare POA does the same for medical decisions. The main benefit of signing a POA is to protect yourself in case you should become incapacitated or otherwise unable to make your own decisions. The POA prepares for this situation by naming a trusted individual to act on your behalf and giving instructions about your preferences.
The Risks of Your College Student Not Signing a POA
The majority of college students are 18 years or older, which means that they are legally adults. This means that, as a parent, you are not automatically entrusted with the decision-making authority on your child’s behalf.
By not having your child sign a POA before heading off to college, you run the following risks:
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- Delay in Case of Medical Emergencies. While your child is still under 18, you can sign off on any medical procedures that they may need to undergo. Once they are of age, however, your legal authority expires. This means that if your child has an emergency, the doctors may have legal difficulty obtaining consent for the necessary procedures, which can slow down the process and put your child’s health at risk.
- Difficulty with Financial Situations. Should the worst happen, and your child becomes incapacitated, they will still need to manage their financial affairs, such as paying bills and tuition. A financial POA allows you to handle these situations on their behalf without any due hassle.
- Difficulty with Accessing Information. At a certain point, you may need access to certain information on your child’s behalf, such as academic records or other confidential information. Without a POA, though, these documents may be bound by privacy stipulations and you won’t be able to access them.
- Unnecessary Worry. Every parent worries about their child, but by signing a POA, at least you know you will be able to act on their behalf in case of an emergency. While you never know what life will throw your way, setting up a POA ensures that you are doing all you can to protect your child.
Contact the Estate Planning Attorneys at Deliberato Law Center
If you have questions about setting up a POA for your college student or about any other aspect of estate planning, the experienced attorneys at the Deliberato Law Center are here to help. Give us a call at (216) 341-3413 or fill out the form below and start protecting your family today.
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