Why Your Adult Children Should Give You Power of Attorney
Time flies, or so they say. One minute, you are raising a baby, and the next, that baby is a full-grown adult. There are a lot of things that go along with becoming an adult. Going away to college, living independently, and traveling all come along with adulthood. Despite your adult child’s newfound independence, they still may rely on you as their fall-back protection, should things go wrong. If you find yourself in this position, you may want to consider having your adult children give you power of attorney, both financially and medically. And here is why:
Who Should Have a Power of Attorney?
While power of attorney is usually associated with elderly people, they are important for children over the age of 18, who are living away from home. Without power of attorney, parents do not have the right to make financial or healthcare decisions for their children once they turn 18. This is the case even if the parents are paying tuition, still have their kids on healthcare plans, and claim them as dependents on their taxes. If your child is in an accident and becomes disabled, even temporarily, you, as a parent, might need court approval to act on his or her behalf. This is a risk, as accidents can happen at any time, especially with young adults. According to the Center for Disease Control and Prevention, accidents are the leading cause of death for adults aged 18 to 25.
What is the Purpose of a Power of Attorney?
The purpose of a power of attorney is in case they are unable to make decisions and take action on their own behalf. Having power of attorney can help you get access to local authorities, wherever your child is at the time. If they are traveling and are injured in an accident, power of attorney will allow you to speak to local authorities there, and get information on what’s happening. Power of attorney would allow you to help make decisions for him, and check in on his care. These are scary things to think about, but they can, and do, happen. Without a power of attorney, the doctors will not be able to give you the information you will be looking for.
A financial power of attorney could also come in handy if a parent needs to sign a legal document, such as a lease, in the child’s absence. You would also be able to make financial decisions for them, should they become incapacitated.
Estate Planning Lawyer
If you are considering getting power of attorney, it may be worth speaking with a qualified, experienced estate planning attorney, who can walk you through the steps, and help you make the best decision for you and your family. The Mattar Firm can assist in securing this protection for you and your family. Call anytime, 24/7, at 239-222-2222.